MIRA
INFORM REPORT
|
Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PEARSON DRUMS AND BARRELS PRIVATE LIMITED |
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Registered Office : |
P-24 and S-25 Kasba Industries Estate, Kolkata – 700078, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.03.1989 |
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Com. Reg. No.: |
21-46520 |
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CIN No.: [Company
Identification No.] |
U28992WB1989PTC046520 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALP01467E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business as manufacturers of iron drums, barrels and
other metal containers and to do all other work allied or relevant thereto. |
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 436340 |
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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. 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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Singh |
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Designation : |
Manager (Mumbai) |
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Contact No.: |
91-9323286901 |
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Date : |
24.03.2008 |
LOCATIONS
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Registered Office : |
P-24 and S-25 Kasba Industries Estate, Kolkata – 700078, West Bengal,
India |
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Tel. No.: |
91-33-24420112/ 329192176 |
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Mobile No.: |
91-9323286901 |
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Fax No.: |
91-33-24428329/ 24420069 |
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E-Mail : |
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Location : |
Owned by director |
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Factory/ Branch Office : |
L-103, MIDC, Taloja, Raigad |
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Tel. No.: |
91-22-27410903/ 32981527 |
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Fax No.: |
91-22-27412521 |
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Area : |
2400 sq. mts |
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Location : |
Owned by company |
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Branch Office : |
A-211, Shiv Chamber, Sector – 11, CBD Belapur, Navi Mumbai – 400614,
Maharashtra, India |
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Tel. No.: |
91-22-30987994 |
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Area : |
500 sq. ft. |
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Location : |
Owned by company |
DIRECTORS
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Name : |
Mr. Haridas Saha |
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Designation : |
Director |
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Address : |
Ae-3 Sahabagan P O Jyangra, Kolkata – 700059, West Bengal, India |
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Date of Birth/Age : |
01.01.1930 |
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Date of Appointment : |
21.03.1989 |
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Name : |
Mr. Arun Kumar Saha |
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Designation : |
Director |
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Address : |
Ae-3 Sahabagan P O Jyangra, Kolkata – 700059, West Bengal, India |
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Date of Birth/Age : |
25.06.1955 |
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Date of Appointment : |
21.03.1989 |
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Name : |
Mr. Tarun Kumar Saha |
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Designation : |
Director |
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Address : |
Ae-3 Sahabagan P O Jyangra, Kolkata – 700059, West Bengal, India |
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Date of Birth/Age : |
10.06.1961 |
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Date of Appointment : |
30.09.1997 |
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Name : |
Mr. Suptasree Saha |
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Designation : |
Director |
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Address : |
Ae-3 Sahabagan P O Jyangra, Kolkata – 700059, West Bengal, India |
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Date of Birth/Age : |
01.07.1960 |
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Date of Appointment : |
21.03.1989 |
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Name : |
Mr. Seuly Saha |
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Designation : |
Director |
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Address : |
Ae-3 Sahabagan P O Jyangra, Kolkata – 700059, West Bengal, India |
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Date of Birth/Age : |
02.11.1969 |
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Date of Appointment : |
21.03.1989 |
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Name : |
Mrs. Shikha Saha |
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Designation : |
Director |
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Address : |
Ae-3 Sahabagan P O Jyangra, Kolkata – 700059, West Bengal, India |
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Date of Birth/Age : |
26.02.1967 |
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Date of Appointment : |
21.03.1989 |
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Name : |
Mr. Sudhir Naskar |
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Designation : |
Director |
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Address : |
P O and Village, Patharghata, 24 Parganas (North) – 743510, West
Bengal, India |
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Date of Birth/Age : |
06.03.1945 |
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Date of Appointment : |
01.01.1991 |
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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Mr. Haridas Saha |
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10 |
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Mr. Arun Kumar Saha |
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10 |
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Mr. Suptasree Saha |
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10 |
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Mrs. Shikha Saha |
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10 |
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Mr. Seuly Saha |
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10 |
(As on 31.03.2006)
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Category |
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Percentage |
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Bodies Corporate (nor mentioned above) |
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27.88 |
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Directors or relatives of directors |
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63.65 |
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Other top fifty shareholders (other than listed above) |
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8.47 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business as manufacturers of iron drums, barrels and
other metal containers and to do all other work allied or relevant thereto. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
50 |
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Bankers : |
Bank of Baroda SSI, Kasba Branch and Vashi Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mitra Mullick and Associates Chartered Accountant |
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Address : |
50/10 A Harish Mukherjee Road, Bhowanipore, Kolkata – 700025, West
Bengal |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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490000 |
Equity Shares |
Rs.100/- each |
Rs.49.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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327590 |
Equity Shares |
Rs.100/- each |
Rs.32.759 Millions |
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FINANCIAL DATA
[all figures are in Rupees 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 |
32.759 |
32.759 |
19.623 |
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2] Share Application Money |
21.931 |
5.990 |
9.240 |
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3] Reserves & Surplus |
54.395 |
3.879 |
4.002 |
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4] (Accumulated Losses) |
0.000 |
(9.063) |
(10.745) |
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NETWORTH |
109.085 |
33.565 |
22.120 |
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LOAN FUNDS |
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1] Secured Loans |
102.913 |
102.669 |
82.293 |
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2] Unsecured Loans |
17.576 |
16.978 |
12.597 |
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TOTAL BORROWING |
120.489 |
119.647 |
94.890 |
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DEFERRED TAX LIABILITIES |
1.405 |
1.405 |
1.620 |
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TOTAL |
230.979 |
154.617 |
118.630 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
55.402 |
27.463 |
24.013 |
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Capital work-in-progress |
0.496 |
0.496 |
0.496 |
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INVESTMENT |
7.642 |
9.428 |
9.428 |
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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 |
129.019
|
97.253 |
84.472 |
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Sundry Debtors |
76.400
|
49.370 |
40.791 |
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Cash & Bank Balances |
10.893
|
11.072 |
7.810 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
14.475
|
13.948 |
9.112 |
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Total
Current Assets |
230.787
|
171.643 |
142.185 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
63.399
|
54.480 |
57.575 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
63.399
|
54.480 |
57.575 |
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Net Current Assets |
167.388
|
117.163 |
84.610 |
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MISCELLANEOUS EXPENSES |
0.051 |
0.067 |
0.083 |
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TOTAL |
230.979 |
154.617 |
118.630 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
410.317 |
281.445 |
191.970 |
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Other Income |
7.947 |
9.058 |
0.000 |
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Total Income |
418.264 |
290.503 |
191.970 |
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Profit/(Loss) Before Tax |
8.783 |
2.678 |
2.068 |
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Provision for Taxation |
3.213 |
0.996 |
0.812 |
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Profit/(Loss) After Tax |
5.570 |
1.682 |
1.256 |
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Expenditures : |
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Financial Charge |
13.496 |
12.606 |
10.947 |
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Depreciation & Amortization |
2.797 |
2.826 |
3.283 |
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Other Expenditure |
393.188 |
272.393 |
175.672 |
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Total Expenditure |
409.481 |
287.825 |
189.902 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.33
|
0.58 |
0.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.14
|
0.95 |
1.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.07
|
1.34 |
1.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.08 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.68
|
5.19 |
6.89 |
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Current Ratio (Current Asset/Current Liability) |
|
3.64
|
3.15 |
2.47 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U28992WB1989PTC046520 |
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Name of the
Company |
PEARSON DRUMS AND BARRELS PRIVATE LIMITED |
|
Address |
P-24 and S-25 Kasba Industries Estate, Kolkata – 700078, West Bengal,
India |
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This form is for |
Modification of
charge |
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Type of Charge |
NA |
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Particulars of
the charge holder |
Bank of Baroda SSI Branch, 837,
Rajdanga Main Road, Kolkata – 700107, West Bengal, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Unattested Deed
of Hypothecation Mortgage by
deposit of Title Deed. Memorandum for
extension of mortgage Supplemental
Agreement of Hypothecation |
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Date of the
instrument creating or modifying the charge |
30.03.1998 |
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Amount secured by
the charge |
Rs.14.800
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
The Borrower
shall repay the Term Loan in 20 equal Quarterly installment of Rs.0.740
Million each commencing from 15.06.1999 |
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Short particulars
of the property charged (including location of the property) |
Immovable
Property The Whole of the
movable property of the borrower. |
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Particular of the
present modification |
By this
modification the overall limit stands reduced to Rs.106.792 Millions from
Rs.111.390 Millions |
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Name of the company |
PEARSON DRUMS AND BARRELS PRIVATE LIMITED |
|
Presented By |
Bank of Baroda SSI Branch, 837,
Rajdanga Main Road, Kolkata – 700107, West Bengal, India |
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1) Date and description of instrument creating the change |
Mortgage by
deposit of Title Deed created on 04.01.1999 Registered on
18.02.1999 Modified on: 25.01.1999 28.05.1999 31.01.2000 27.08.2001 23.05.2003 16.07.2004 20.09.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.40.942
Millions Overall Limit Registered on : 18.02.1999 01.07.1999 06.03.2000 18.09.2001 23.06.2003 09.08.2004 04.10.2004 |
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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 |
All these tangible properties being shed No.25,
Kasba Industries Estate, Kolkata – 700078, West Bengal, having an area
2200 sq. ft shed and 1500 sq. ft paddock and plot no.24 Kasba Industries Estate, Kolkata having
an area of about 8 cottahs and
assets of whatsoever nature including plant, machinery, tools and
accessories, stores, spares relating to the plant and machinery, furniture,
fixtures, typewriter, vehicles, computers, calculation machines, air
conditioners, articles, computers and things belonging to the company and
lying and being at their being movable prosperities and capable of passing by
delivery, both present and future together with all building and structures
thereon and all plant and machinery attached to the earth or permanently
fasted to any thing to the earth both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
hereunder will operate as security for the due repayment for the and
discharge by the borrower. The balance due and or to be come due under the
credit facilities granted by the bank to the borrower within the overall
limit of Rs.37.342 Millions The balance due
and/or to become due under the credit facilities granted by the bank to
Pearson containers company within the aggregate limit of Rs.3.600 Millions
together with interests at the agreed rate additional interests liquidated
damage interests tax, commission costs, charge expenses and other money due
thereon. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, SSI Branch, 837,
Rajdanga Main Road, Kolkata – 700107, West Bengal, India |
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6) Date and brief description of instrument modifying the charge |
Extension of mortgage
by oral declaration made by the authoration director on 25.04.2005 |
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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. |
By this
modification the overall limit secured by the charge have been enhanced from
Rs.104.967 Millions to Rs.110.890 Millions Comprising working capital limit
of Rs.77.500 Millions to be availed at Bank Vashi Branch, New Mumbai, and also
with a sub limit of Rs.1.500 Million for during against unpleased effect and
non fund based working capital facilities by way of letter of guarantee
(Performance and financial) of the limit of Rs.15.000 Millions apart from
outstanding under existing term loan III upto Rs.9.890 Millions Rs.8.500 Millions
by way of credit facilities ( cash credit limit of Rs.7.000 Millions and Bank
guarantee of Rs.1.500 million) sanctioned by the Bank Persoan continence
company. The company is liable to pay to the Bank all balance due and those
that would be due and in terms of the
agreements, together with interests at the rate of 0.25% over banks prime
lending rate (PLR) calculated with monthly rests (The Person PLR being 10.50% p.a.) appointment of receiver
and to the possession of assets and sell the same in the event of default and
other convent at to be applicable. |
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.40.14 |
|
UK Pound |
1 |
Rs.80.14 |
|
Euro |
1 |
Rs.62.59 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|