MIRA
INFORM REPORT
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Report Date : |
29.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRIYA INTERNATIONAL LIMITED |
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Registered Office : |
Krishna House, Ground Floor, Raghuvanshi Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.05.1983 |
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Com. Reg. No.: |
086840 |
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CIN No.: [Company
Identification No.] |
L99999MH1983PLC086840 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17952E |
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PAN No.: [Permanent
Account No.] |
AAACP2247D |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Trading, Importing And Marketing Of Chemicals, Computer System, Sub-System, Parts, Peripherals, Etc. |
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 140000 |
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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. |
LOCATIONS
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Registered Office : |
Krishna House, Ground Floor, Raghuvanshi Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India |
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Tel. No.: |
91-22-66663100 [30 Lines] |
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Fax No.: |
91-22-66663197/ 99 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. A. K. Bhuwania |
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Designation : |
Chairman |
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Name : |
Mr. G. D. Bhuwania |
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Designation : |
Director |
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Name : |
Mr. Aditya Bhuwania |
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Designation : |
Director |
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Name : |
Mrs. Saroj Bhuwania |
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Designation : |
Whole Time Director |
BUSINESS DETAILS
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Line of Business : |
Trading, Importing And Marketing Of Chemicals, Computer System, Sub-System, Parts, Peripherals, Etc. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. L. Bhuwania and Company Chartered Accountants |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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996000 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.960
Millions |
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 |
9.960 |
9.960 |
9.960 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.872 |
25.632 |
23.456 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.832 |
35.592 |
33.416 |
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LOAN FUNDS |
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1] Secured Loans |
0.780 |
1.246 |
0.217 |
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2] Unsecured Loans |
0.015 |
5.972 |
7.200 |
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TOTAL BORROWING |
0.795 |
7.218 |
7.417 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.627 |
42.810 |
40.833 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.810 |
2.237 |
1.731 |
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Capital work-in-progress |
0.000
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0.000 |
0.000 |
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INVESTMENT |
4.602 |
4.601 |
4.654 |
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DEFERREX TAX ASSETS |
2.206 |
1.528 |
1.259 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
16.196
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11.684 |
11.907
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Sundry Debtors |
7.447
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7.949 |
5.775
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Cash & Bank Balances |
2.618
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2.059 |
2.399
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Other Current Assets |
1.234
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1.511 |
1.464
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Loans & Advances |
20.618
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29.141 |
29.990
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Total
Current Assets |
48.113
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52.344 |
51.535 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
5.826
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5.048 |
8.604
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Provisions |
13.278
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12.852 |
9.742
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Total
Current Liabilities |
19.104
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17.900 |
18.346 |
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Net Current Assets |
29.009
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34.444 |
33.189
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.627 |
42.810 |
40.833 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
49.879 |
41.849 |
50.627 |
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Other Income |
16.094 |
16.346 |
0.000 |
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Total Income |
65.973 |
58.195 |
50.627 |
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Profit/(Loss) Before Tax |
5.746 |
6.493 |
4.095 |
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Provision for Taxation |
2.189 |
2.615 |
1.738 |
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Profit/(Loss) After Tax |
3.557 |
3.878 |
2.357 |
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Earnings in Foreign Currency : |
15.166 |
15.118 |
14.852 |
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Total Imports |
29.677 |
24.311 |
21.205 |
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Expenditures : |
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Cost of Material |
38.442 |
31.252 |
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Payments to and provision for employees |
8.392 |
6.272 |
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Other expenses |
12.929 |
13.695 |
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Depreciation |
0.464 |
0.430 |
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Other Expenditure |
0.000 |
0.053 |
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Total Expenditure |
60.227 |
51.702 |
46.204 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
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Type |
1st Quarter |
2nd
Quarter |
3rd
Quarter |
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Sales Turnover |
17.400 |
15.900 |
17.300 |
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Other Income |
0.400 |
0.100 |
0.500 |
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Total Income |
17.800 |
16.000 |
17.800 |
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Total Expenditure |
16.300 |
14.500 |
15.600 |
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Operating Profit |
1.500 |
1.500 |
2.200 |
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Interest |
0.000 |
0.000 |
0.100 |
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Gross Profit |
1.500 |
1.500 |
2.100 |
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Depreciation |
0.100 |
0.100 |
0.100 |
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Tax |
0.500 |
0.700 |
0.800 |
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Reported PAT |
1.000 |
0.700 |
1.200 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
5.39
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6.66 |
4.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.51
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15.51 |
8.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.50
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11.89 |
7.68 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.18 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.54
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0.70 |
0.77 |
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Current Ratio (Current Asset/Current Liability) |
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2.51
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2.92 |
2.80 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed Assets
- Office
Premises
- Furniture and
Fixtures
- Office
Equipment
- Vehicles
- Computers
OPERATIONS
The turnover of
the Company has increased from Rs. 41.849 Millions to Rs. 49.879 Millions in
the year under review. The profit after tax & extra-ordinary items has
shown a small decline from Rs.3.879 Millions to Rs.3.557 Millions during
F.Y.2006-07. The indenting business has performed better during the current
year.
The company has initiated the process of setting up an Internal Audit
department and hopeful to do the same
during the current financial year.
Notes:-
i) The company is
into two main business segments, namely
(a) Indenting
Business
(b) Trading
Business - Chemicals
Segments have been
identified and reported, taking into account the nature of products and
services, the differing risks and returns, the organisation structure, and the
internal financial reporting systems.
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 31.12.2007
[Rs.
In Millions]
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Sr. No. |
Particulars |
Quarter Ended |
Nine Months
Ended |
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31.12.2007 [Unaudited] |
31.12.2007 [Unaudited] |
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1 |
Net Sales / Income from Operations |
17.296 |
50.569 |
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2 |
Other Income |
0.500 |
1.170 |
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3 |
Total Income (1+2) |
17.796 |
51.739 |
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4 |
Expenditure |
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a] (Increase) / Decrease in stock in trade & work in progress |
0.973 |
5.599 |
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b] Consumption of materials |
0.000 |
0.000 |
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c] Purchase of traded goods |
9.064 |
25.094 |
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d] Employees cost |
2.080 |
6.523 |
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e] Depreciation |
0.126 |
0.373 |
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f] Other Expenditure |
3.445 |
9.119 |
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g] Total |
15.688 |
46.708 |
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5 |
Interest |
0.105 |
0.235 |
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6. |
Exceptional Items |
0.000 |
0.000 |
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7 |
Profit(+) / Loss(-) from Ordinary Activities before tax(3)-(4+5+6) |
2.003 |
4.796 |
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8 |
Tax Expense |
0.776 |
1.845 |
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9 |
Profit before tax & Extra Ordinary item |
1.227 |
3.688 |
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10 |
Extra Ordinary Item-Provision for diminution in value of Investments |
0.000 |
0.000 |
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11 |
Net Profit (+)/ Loss(-) from ordinary activites after tax (7-8) |
1.227 |
2.951 |
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12 |
Extraordinary items (net of tax expense Rs. NIL) |
0.000 |
0.000 |
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13 |
Net Profit (+)/ Loss (-) for the period (9-10) |
1.227 |
2.951 |
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14 |
Paid-up Equity share capital Face value of Rs. 10/- each) |
9.960 |
9.960 |
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15 |
Earnings Per Share (EPS) |
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[a] Basic and
diluted EPS after Extraordinary items for the
period, for the year to date and for the
previous year |
0.123 |
0.296 |
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[b] Basic and
diluted EPS after Extraordinary items for the
period, for the year to date and for the
previous year |
0.123 |
0.296 |
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16 |
Public Shareholding |
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No. of Shares |
102450 |
102450 |
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Percentage of Shareholding |
10.29 |
10.29 |
Segment wise
Revenue, Results and Capital Employed, under Clause 41 of the Listing Agreement
[Rs. In Millions]
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Sr. No. |
Particulars |
Quarter
Ended |
Nine
Months Ended |
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31.12.2007 [Unaudited] |
31.12.2007 [Unaudited] |
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1. Segment Revenue a. Chemical sales b. Indenting Commission |
12.157 5.139 |
37.186 13.383 |
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Net Sales/ Income from Operations |
17.296 |
50.569 |
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2 |
Segment Result Profit Before Interest and tax) Chemical sales Indenting Commission Unallocated |
1.329 4.208 |
4.432 10.086 |
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Total |
5.537 |
14.518 |
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Less: Interest Expenses Less: Other Unallocable Expenditure net off Unallocable Income |
0.105 3.429 |
0.235 9.487 |
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Total Profit (+)/Loss (-) before Tax and extra ordinary items |
2.003 |
4.796 |
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3 |
Capital Employed Segment assets Less Liabilities) a. Chemical b. Indenting Commission c. Unallocated Asset and Liabilities |
18.498 1.275 21.094 |
18.498 1.275 21.094 |
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Total |
40.867 |
40.867 |
Notes:
1 The above
unaudited results have been reviewed by the Audit Committee and are subject to
limited review by the statutory auditors of the company and were taken on
record by the Board of Directors at their meeting held on 28th
January, 2008.
2 Report on the
Investors Complaints for the Quarter ended 31st December 2007: Opening Balance-
0, New- 3, Disposal-3, Balance- 0.
3 Previous periods
figures have been regrouped/rearranged wherever necessary to make them
comparable with
those of the
current period.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.10 |
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UK Pound |
1 |
Rs. 80.40 |
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Euro |
1 |
Rs. 63.31 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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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 |
|
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 |
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