MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PACIFIC INDUSTRIES LIMITED |
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Registered Office : |
Village Bedla, Bedla Road, Brahmano Ka Guda, P. O. # 119, Udaipur – 313 001, Rajasthan |
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Country : |
India |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
13.07.1989 |
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Com. Reg. No.: |
17-05051 |
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CIN No.: [Company
Identification No.] |
L14101RJ1989PLC005051 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHP01647C |
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Legal Form : |
Public Limited Liability Company. The company's shares are listed on
Stock Exchange |
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Line of Business : |
Manufacturer and Exporter of Marble Slabs, Granite Polishing Machine, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 170000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company and a leading quarries owner and processors of natural stones in India. It has an annual production capacity of 150,000 sq. metres of granite, marble and other natural stones. It is also manufacturing and selling granite polishing machines. The company did not make any appreciable progress in its business turnover. It has large accumulated losses. Financial position is not satisfactory as its borrowings are quite large. Payments are reported as slow and delayed. It can be considered for small volume business against usual trade terms and conditions, with slight caution. |
LOCATIONS
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Registered Office / Factory 1: |
Village Bedla, Bedla Road, Brahmano Ka Guda, P. O. # 119, Udaipur – 313 001, Rajasthan, India. |
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Tel. No.: |
91-294-2440196/ 2440388 / 2440933 / 2440934 |
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Fax No.: |
91-294-2440780 |
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E-Mail : |
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Website : |
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Area: |
12 Acres |
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Location : |
Owned |
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Bangalore Office Factory 2 : |
Survey No. 13, N.H. 48, Kempalinganahalli Village, Nelamangala Taluk, Bangalore-562 123 Karnataka, India |
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Tel. No.: |
91-80-7723004 / 7725974 / 76 |
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Fax No.: |
91-80-7723005 |
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E-Mail : |
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Factory 2 : |
Kampalinganahalli, Taluka Nelamangala, District Bangalore- 562 123, Karnataka, India |
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Tel. No.: |
91-8118-23004/5 |
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Fax No.: |
91-8118-23004 |
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Others :- Located at Silvassa and Katni. |
DIRECTORS
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Name : |
Mr. J. P. Agrawal |
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Designation : |
Chairman & Managing Director |
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Name : |
Mr. S. M. Agrawal |
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Designation : |
Director |
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Name : |
Mr. Jayanti Oza |
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Designation : |
Director |
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Name : |
Mr. B. R. Agrawal |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Marble Slabs, Granite Polishing Machine, etc. |
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Agencies Held : |
Breton SPA, Italy |
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Exports : |
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Products : |
Marble |
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Countries : |
U.K., U.S.A., Germany and France. |
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Imports : |
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Products : |
Machinery Blades |
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Countries : |
Italy, Korea and China. |
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Terms : |
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Selling : |
L/C, Cash or Credit [60 days] terms. |
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Purchasing : |
L/C or Credit [120 days] terms. |
GENERAL
INFORMATION
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Customers : |
Wholesalers and End users |
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No. of Employees : |
Around 685 |
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Bankers : |
· Bank of Baroda Opposite Town Hall, Udaipur-313 001, Rajasthan, India
· Punjab National Bank Baroda-390 007, Gujarat, India · State Bank of Bikaner & Jaipur Udaipur-313 001, Rajasthan, India Credit Limit : Rs. 50.000 millions |
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Banking
Relations : |
Moderate |
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Auditors : |
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Name : |
Manoj Arvind & Company Chartered Accountants, |
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Address : |
Udaipur-313 001, Rajasthan, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs. 10/- each |
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13520000 |
Equity Shares |
Rs. 10/- each |
Rs.135.200 millions
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
135.200 |
131.000 |
131.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
[101.200] |
[178.500] |
[165.500] |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.000 |
[47.500] |
[34.500] |
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LOAN FUNDS |
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1] Secured Loans |
14.800 |
19.300 |
179.100 |
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2] Unsecured Loans |
169.100 |
111.800 |
0.200 |
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TOTAL BORROWING |
183.900 |
131.100 |
179.300 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
217.900 |
83.600 |
144.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
192.500 |
64.800 |
68.200 |
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Capital work-in-progress |
0.600 |
4.200 |
35.600 |
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INVESTMENT |
1.100 |
11.700 |
11.700 |
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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 |
172.200
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116.900 |
90.100 |
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Sundry Debtors |
140.100
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90.700 |
49.600 |
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Cash & Bank Balances |
21.300
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4.600 |
3.400 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
45.700
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38.400 |
44.500 |
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Total
Current Assets |
379.300
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250.600 |
187.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
354.000
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248.300 |
160.300 |
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Provisions |
1.600
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0.200 |
0.000 |
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Total
Current Liabilities |
355.600
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248.500 |
160.300 |
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Net Current Assets |
23.700
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2.100 |
27.300 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.800 |
2.000 |
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TOTAL |
217.900 |
83.600 |
144.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
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Sales Turnover |
473.100 |
296.700 |
202.700 |
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Other Income |
1.800 |
13.000 |
344.300 |
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Total Income |
474.900 |
309.700 |
547.000 |
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Profit/(Loss) Before Tax |
6.000 |
[12.900] |
316.000 |
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Provision for Taxation |
1.300 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
4.700 |
[12.900] |
316.000 |
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Expenditures : |
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Manufacturing Expenses |
57.800 |
37.000 |
61.500 |
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Administrative Expenses |
48.400 |
41.200 |
27.700 |
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Raw Material Consumed |
331.200 |
196.400 |
95.700 |
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Increase/(Decrease) in Finished Goods |
[36.100] |
[4.200] |
[7.100] |
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Salaries, Wages, Bonus, etc. |
15.900 |
15.500 |
14.800 |
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Interest |
3.200 |
5.200 |
4.400 |
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Power & Fuel |
23.200 |
18.800 |
17.400 |
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Depreciation & Amortization |
13.600 |
11.200 |
13.500 |
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Miscellaneous Expenditure |
11.700 |
1.500 |
3.100 |
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Total Expenditure |
468.900 |
322.600 |
231.000 |
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SUMMARISED RESULTS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Type
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Full
Year |
Full
Year |
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Sales Turnover |
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720.500 |
663.100 |
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Other Income |
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2.500 |
4.100 |
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Total Income |
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723.000 |
667.200 |
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Total Expenditure |
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591.000 |
590.300 |
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Operating Profit |
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132.000 |
76.900 |
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Interest |
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5.600 |
3.700 |
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Gross Profit |
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126.400 |
73.200 |
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Depreciation |
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251.000 |
24.800 |
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Tax |
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12.500 |
6.000 |
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Reported PAT |
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88.800 |
42.400 |
KEY RATIOS
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Year |
30.06.2006 |
30.06.2005 |
30.06.2004 |
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Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
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Long Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
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Current Ratio |
0.99 |
0.98 |
1.46 |
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TURNOVER RATIOS |
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Fixed Assets |
0.88 |
0.59 |
0.41 |
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Inventory |
3.27 |
2.87 |
2.31 |
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Debtors |
4.10 |
4.23 |
4.40 |
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Interest Cover Ratio |
2.88 |
-1.48 |
72.82 |
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Operating Profit Margin(%) |
4.82 |
1.18 |
164.73 |
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Profit Before Interest And Tax Margin(%) |
1.94 |
-2.60 |
158.07 |
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Cash Profit Margin(%) |
3.87 |
-0.57 |
162.56 |
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Adjusted Net Profit Margin(%) |
0.99 |
-4.35 |
155.90 |
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Return On Capital Employed(%) |
2.71 |
0.00 |
73.02 |
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Return On Net Worth(%) |
2.58 |
0.00 |
1641.56 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:-
· Breton SPA, Italy
WEBSITE DETAILS:-
Company Profile
The company is one of the biggest quarries owner and processors of Natural Stones in India.
During the lat one decade they have built up a solid reputation by
supplying fine, high quality material to important markets and major
international projects around the world .
The flagship company of the Pacific Group was formed in 1989, as a 100% EOU
(Export Oriented Unit), by Mr. J.P.Agarwal representing an important investment
in the dynamic extraction of maximum varieties of Granite , Marble and other
natural stones from their own mines spread across India .
The company has engineered a strong alliance with M/s Breton Spa of Italy -
" The world's largest manufacturers of granite machinery" and built a
state of the art factory at Udaipur and Bangalore for the processing of Granite
and Marble from its own quarries .
Subject has organized all the trade and export services with utmost efficiency,
the success of which is visible by a long list of highly satisfied and valued
clients around the globe.
The growth of their organization is based on flexibility and close personal
relationships with their customers world wide. In their endeavor to serve their
customers' better, they at Pacific are constantly striving to improve their
existing systems.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.97 |
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UK Pound |
1 |
Rs.84.75 |
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Euro |
1 |
Rs.66.72 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
3 |
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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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40 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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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