MIRA
INFORM REPORT
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Report Date : |
09.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRISM GAS DETECTION PRIVATE LIMITED |
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Formerly Known As : |
PRISM ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
213 Oshiwara Industrial Centre, New Link Road, Goregaon (West),
Mumbai-400104, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
13.02.1987 |
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Com. Reg. No.: |
11-42549 |
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CIN No.: [Company
Identification No.] |
U31900MH1987PTC042549 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Gas Monitoring |
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 10000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Nahar |
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Designation : |
Chief Accountant |
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Date : |
05.06.2008 |
LOCATIONS
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Registered Office : |
213 Oshiwara Industrial Centre, New Link Road, Goregaon (West),
Mumbai-400104, Maharashtra, India |
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Tel. No.: |
91-22-28761387/ 28778974 / 28765840 |
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E-Mail : |
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Website : |
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Area : |
415 sq ft (Owned) |
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Factory : |
240, Oshiwara Industrial Centre, New Link Road, Goregaon (West), Mumbai - 400 104, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Subhashchander Kakkar |
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Designation : |
Director |
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Address : |
Z-1002, Golden Rays Shastri Nagar, Andheri (West), Mumbai – 400053,
Maharashtra, India |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B.Tech |
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Date of Appointment : |
01.01.1987 |
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Name : |
Mr. Krishna Kakkar |
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Designation : |
Director |
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Address : |
Z-1002, Golden Rays Shastri Nagar, Andheri (West), Mumbai – 400053,
Maharashtra, India |
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Date of Birth/Age : |
56 Years |
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Qualification : |
C.A |
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Date of Appointment : |
01.01.1987 |
KEY EXECUTIVES
|
Name : |
Mr. Nahar |
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Designation : |
Chief Accountant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Subhash Kakkar |
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7800 |
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Kiran Kakkar |
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7700 |
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Krinshan Kakkar |
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200 |
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Anil Kakkar and Indu Kakkar |
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5100 |
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Jagdish Kakkar and Shantarani Kakkar |
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10050 |
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Kamla Thapar, G. R. Thapar and Sushma Thapar |
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50 |
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Nirmal Kakkar and Satish Kakkar |
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50 |
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G. T. Thapar HUF and Raman Thapar |
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50 |
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Krishan Kakkar and Anu Kakkar |
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10000 |
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Sybhash Kakkar H.U.F. |
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5000 |
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Krishan Kakkar H.U.F. |
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2500 |
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Anu Kakkar |
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1500 |
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Total |
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50000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gas Monitoring |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Japan, Jermany and U.K. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Credit- India, Remittance-International |
GENERAL
INFORMATION
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Customers : |
End Users · Indian Oil Corporation Limited · Hindustan Petroleum Corporation Limited · Southern Petrochemicals Industries Corporation Limited · SHV Energy North West (India) Limited · SHV Energy South East Limited · LML Limited · Indian Oil Blending Limited · Zenith Fire Services · SMS Paryavaran Limited · Premier LPG Limited · Silver Chem Industries (Bom) Private Limited · Elegant Engineering Works Private Limited · Respo Products |
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No. of Employees : |
40 (Office 20, Factory 20) |
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Bankers : |
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Facilities : |
Cash Credit Rs. 8.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Partner P.D. Saraf and Company Chartered Accountant |
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Address : |
1103, Arcadia, 195, Nariman Point, Mumbai-400021, Maharashtra, India |
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Associates/Subsidiaries : |
Ř EEV Limited, UK Ř New Cosmos Electric Company Limited, Japan |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.500
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
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31.03.2008 |
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Sales Turnover |
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22.000 |
Expected Sales (2008-09) : Rs. 25.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
1.500 |
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3] Reserves & Surplus |
1.617 |
1.500 |
0.246 |
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4] (Accumulated Losses) |
0.000 |
[1.073] |
[1.995] |
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NETWORTH |
2.117 |
0.927 |
0.251 |
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LOAN FUNDS |
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1] Secured Loans |
4.040 |
0.638 |
0.000 |
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2] Unsecured Loans |
3.995 |
5.190 |
6.674 |
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TOTAL BORROWING |
8.035 |
5.828 |
6.674 |
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DEFERRED TAX LIABILITIES |
0.607 |
0.000 |
0.000 |
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TOTAL |
10.759 |
6.755 |
6.925 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.844 |
4.076 |
3.518 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.027 |
0.027 |
0.027 |
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DEFERREX TAX ASSETS |
0.000 |
0.091 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.173
|
1.189 |
1.381 |
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Sundry Debtors |
1.733
|
1.067 |
1.963 |
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Cash & Bank Balances |
0.223
|
1.414 |
0.145 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.706
|
0.398 |
0.383 |
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Total
Current Assets |
3.835
|
4.068 |
3.872 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.772
|
1.414 |
1.233 |
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Provisions |
0.175
|
0.093 |
0.000 |
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Total
Current Liabilities |
1.947
|
1.507 |
1.233 |
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Net Current Assets |
1.888
|
2.561 |
2.639 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.741 |
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TOTAL |
10.759 |
6.755 |
6.925 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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Other Income |
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Total Income |
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18.273 |
13.100 |
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Profit/(Loss) Before Tax |
|
2.160 |
1.728 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
2.160 |
1.728 |
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Expenditures : |
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Interest |
|
0.501 |
0.320 |
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Depreciation & Amortization |
|
0.373 |
0.238 |
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Other Expenditure |
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15.239 |
11.174 |
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Total Expenditure |
|
16.113 |
11.372 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
11.82
|
13.19 |
N.A. |
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Net Profit Margin (PBT/Sales) |
(%) |
11.82
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13.19 |
N.A. |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.98
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21.22 |
N.A. |
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Return on Investment (ROI) (PBT/Networth) |
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1.02
|
1.86 |
N.A. |
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Debt Equity Ratio (Total Liability/Networth) |
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4.72
|
7.91 |
31.50 |
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Current Ratio (Current Asset/Current Liability) |
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1.96
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2.70 |
3.14 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- IOCS
- HPCL
- BPCL
- Hero Honda
- General
Motors
· EEV Limited, Waterhouse lane
Chelmsford, Essex CMI 2 Qu, England
· Associated Cables Limited
Plot No. 29, Marol Co-operative Industry Estate, Mumbai - 400 059, Maharashtra, India
· Flameproof Equipments Private Limited
Plot No. B-39, New Link Road, Mumbai - 400 053, Maharashtra, India
· Baliga Lighting Equipment Private Limited
No. 9, Jyoti Wire House, 23/A, Shah Industrial Estate, Veera Desai Road, Azad Nagar, Andheri (West), Mumbai - 400 063, Maharashtra, India
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90222794 |
|
Corporate
identity number of the company |
U31900MH1987PTC042549 |
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Name of the
company |
PRISM ELECTRONICS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
213 Oshiwara Industrial Centre, New Link Road, Goregaon (West),
Mumbai-400104, Maharashtra |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
The Saraswat Co-Operative Bank, Pratiksha Apartment, Opposite
Filmistan Studio, S.V. Road, Goregaon (West), Mumbai-400062, Maharashtra,
India |
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Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation for Additional Advances (Supplementary Deed) |
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Date of
instrument Creating the charge |
18.05.2007 |
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Amount secured by
the charge |
Rs. 2.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
: At such other rate as may from time to time be fixed by the Bank. Terms of Repayment On Demand and /or
as per sanctioned terms and conditions. Margin Margin as
determined by the bank from time to time. Extent and Operation of the charge The charge
operates as a continuing security for the balance from time to time due to
the bank. |
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Short particulars
of the property charged |
Hypothecation by
way of first charge on all the stocks, tangible moveable property and every
tangible movable property/machinery/plant lying and being at the Company’s
place of business at 60, L-59/60, Yogi Nagar, Boriwali (West) and 213,
Oshiwara Industrial Centre, New Link Road, Goregaon (West) or wherever else
the same may be and on all the outstanding Book Debts, Monies receivables,
claims and approved book debts. |
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Date of latest
modification prior to the present modification |
15.11.2001 |
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Particulars of
the present modification |
Bank has reduced
the limit Rs. 3.500 Millions to Rs. 1.000 Millions. On the same date i.e.
18.05.2007 additional cash credit facility of Rs. 1.000 Millions was granted.
Thus the total limit and charge stand enhanced from Rs. 1.000 Millions to Rs.
2.000 Millions |
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Name of the company |
PRISM ELECTRONICS
PRIVATE LIMITED |
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Presented By |
The Saraswat
Co-Oprative Bank Limited, Goregaon (West) Branch, Mumbai |
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1) Date and description of instrument creating the change |
Both the
agreements are dated 21st August 1997 and consulted a single
charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.400 Million |
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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 |
The Borrower both
hereby hypothecation to or in favour of the Bank all the stocks, tangible
movable property including the stocks, for the time being whether new or
manufactured or in process of manufacturing and every tangible movable
property/machinery/plant (both present and future) belonging to the borrower
and lying and being at the Borrower’s place of business at 60, L-59/60, Yogi
Nagar, Borivali (West) or wherever
else the same may be kept. Borrower doth
hereby hypothecation to and in favour of Bank and both hereby charge to the
bank by way of first charge all the outstanding book debts, monies
receivables, claims and approved book debts due and owing or which may at any
time hereafter during the borrowers in the course of its business by any
person, firm company or by the government or any public body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I : 16% p.a.
or such other percentage as the bank may from time to time fix. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-Operative Bank Limited, Borivali Branch, Kesar Kripa, Chandavarkar Lane,
Borivali (West), Mumbai-400092 |
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6) Date and brief description of instrument modifying the charge |
(Supplementary
Deed) Deed of Hypothecation for Additional Advances Dated 15.11.2000 and
Supplementary Deed for Additional Advances against Hypothecation of Book
Debts Dated 15.11.2001. for Additional Cash Credit limit of Rs. 1.500
Milllions. |
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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 Borrower
further agree and covenant with the Bank that all the said tangible moveable
property mentioned in the Agreement of Hypothecation of Movable property
dated 21.08.1997. ending with the
last supplementary deed dated 18.03.2000 shall with effect from this Day,
constitute security to the Bank not only for Original and Subsequent
Advances, but also for the Additional Advances of Rs. 1.500 Millions hereby
granted. The Borrower doth
hereby agree and covenant with Bank that all the Book Debts already
Hypothecated to the Bank in pursuance of the hereinbefore recited Agreement
of Hypothecation dated 21.08.1997, ending with the last supplementary deed
dated 18.03.2000. shall stand charged with the repayment of the Additional
Advance of Rs. 1.500 Millions Thus with this additional
limit of Rs. 1.500 Millions the total limit and charge stands enhanced from
Rs. 2.000 Millions to Rs. 3.000 Millions. Rate of interest
: @16% p.a. or such other rate as may from time to time be fixed by the Bank. The credit
facilities stand transferred to the following Branch The Saraswat
Co-Oprative Bank Limited, Goregaon (West) Branch, Mumbai-400062 All other terms
and conditions incorporated in the earlier instruments remain unchanged. |
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 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.42.79 |
|
UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
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 |
NO |
|
--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 |
|