MIRA
INFORM REPORT
|
Report Date : |
28.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PARSAN OVERSEAS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
707, 7th Floor, Eros Apartments, 56, Nehru Place, New Delhi
110 019 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
17.10.2001 |
|
|
|
|
Com. Reg. No.: |
55-112854 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51909DL2001PTC112854 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELP10612A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCP2618Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Supplier, Representative of various commodities
including, pharmaceuticals, machines, spares handicraft items, packaging
material spices. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. The
company experiences sharp fluctuations in the business. Trade relations are
fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
707, 7th Floor, Eros Apartments, 56, Nehru Place, New Delhi
110 019, India |
|
Tel. No.: |
91-11-41606500 |
|
Mobile No.: |
91-9811168288 / 9910879997 |
|
Fax No.: |
91-11-46542680 |
|
E-Mail : |
info@parsan.biz , llaggarwal@hotmail.com , cpcnewdelhi@yahoo.com , partha@parsan.biz
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Sanjay Ram Singh Rana |
|
Designation : |
Director |
|
Address : |
House No. 7, Sector 2, Chiranjeev Vihar, Ghaziabad 201 004, Uttar
Pradesh, India |
|
Date of Birth/Age : |
16.11.1968 |
|
Date of Appointment : |
17.10.2001 |
|
|
|
|
Name : |
Mrs. Brinda Mukherjee |
|
Designation : |
Director |
|
Address : |
F-558, Sarita Vihar, New Delhi 110 044, India |
|
Date of Appointment : |
10.11.2002 |
|
|
|
|
Name : |
Mr. Partha Sarathi Mukherjee |
|
Designation : |
Director |
|
Address : |
F-558, Sarita Vihar, New Delhi 110 044, India |
|
Date of Birth/Age : |
16.09.1958 |
|
Date of Appointment : |
26.03.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin Kumar Garg |
|
Designation : |
Company Secretary |
|
Address : |
Bag Colony, Tibra Road, Modi Nagar, Uttar Pradesh 201 204, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sanjay Rana |
|
51500 |
|
Mr. P S Mukherjee |
|
51500 |
|
Mr. Pritam Singh |
|
3000 |
As on 30.09.2007
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
|
Directors or Relatives of Directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer, Exporter and Supplier, Representative of various commodities
including, pharmaceuticals, machines, spares handicraft items, packaging
material spices. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
All Products |
|
Countries : |
Georgia, Uzbekistan, Algeria, Iran, South East Asia, CIS countries,
Africa, Latin America, Middle East |
GENERAL
INFORMATION
|
No. of Employees : |
About 30 |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Vijay Bhatia and Company Chartered Accountants |
|
Address : |
101-108, Sewak Chambers – I, 2099/38, Naiwala, Karol Bagh, New Delhi
110 005, India |
|
|
|
|
Name : |
AVK and Associates Chartered Accountants |
|
Address : |
101-108, Sewak Chambers – I, 2099/38, Naiwala, Karol Bagh, New Delhi
110 005, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
106000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.060 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.060 |
1.030 |
1.030 |
|
|
2] Share Application Money |
2.100 |
0.000 |
1.100 |
|
|
3] Reserves & Surplus |
2.512 |
1.444 |
0.191 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.672 |
2.474 |
2.321 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.886 |
0.624 |
2.035 |
|
|
2] Unsecured Loans |
0.000 |
0.258 |
0.740 |
|
|
TOTAL BORROWING |
0.886 |
0.882 |
2.775 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6.558 |
3.356 |
5.096 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.517 |
1.891 |
1.727 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.700
|
1.217 |
0.971 |
|
|
Cash & Bank Balances |
1.996
|
2.896 |
1.034 |
|
|
Other Current Assets |
0.507
|
0.080 |
20.374 |
|
|
Loans & Advances |
3.131
|
2.034 |
0.000 |
|
Total
Current Assets |
6.334
|
6.227 |
22.379 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
5.293
|
4.774 |
19.047 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
5.293
|
4.774 |
19.047 |
|
|
Net Current Assets |
1.041
|
1.453 |
3.332 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.012 |
0.037 |
|
|
|
|
|
|
|
|
TOTAL |
6.558 |
3.356 |
5.096 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
17.138 |
51.490 |
4.621 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
17.138 |
51.490 |
4.621 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1.950 |
2.004 |
0.157 |
|
|
Provision for Taxation |
0.871 |
0.751 |
0.138 |
|
|
Profit/(Loss) After Tax |
1.079 |
1.253 |
0.019 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
0.270 |
0.208 |
0.038 |
|
|
Other Expenditure |
14.918 |
49.278 |
4.426 |
|
Total Expenditure |
15.188 |
49.486 |
4.464 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.29
|
2.43 |
0.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.38
|
3.89 |
3.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.45
|
24.68 |
0.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.81 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.09
|
3.28 |
10.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.30 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from F – 558,
Sarita Vihar, New Delhi 110 044, India to the present w. e. f. 20.12.2006.
FORM 8
|
Name of the company |
PARSAN OVERSEAS PRIVATE LIMITED |
|
Presented By |
Lord Krishna Bank Limited and Parsan Overseas Private Limited |
|
1) Date and description of instrument creating the change |
Overdraft agreement deed of hypothecation of current assets, deed of hypothecation of movable fixed assets all dated 11.02.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.245 million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of stock and book debts and other current assets Hypothecation of whole of movable fixed assets of the borrower including its movable plant and machinery, machinery spares, tools and accessories and other movable, both present and future which are lying or stored in / or about all the borrowers premises and godowns or whereverelse the same may be or be held by any party to the order or disposition of the borrower or in the course f transit or on high seas or in order or delivery howsoever and whersoever in the possession of the borrower either by way of substitution or addition Hypothecation of movable fixed assets valued at Rs. 1.391 million as on 28.02.2005 as per list attached. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on above assets is to secure the overdraft limit of Rs. 2.245 million sanctioned to the company. Interest is chargeable at minimum 12% p.a. or at such other rates as may be fixed by the bank from time to time with monthly rests. |
|
5) Name and Address and description of the person entitled to the charge. |
Lord Krishna Bank Limited Lajpat Nagar Branch, New Delhi, India |
|
6) Date and brief description of instrument modifying the charge |
N A |
|
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. |
N A |
|
This form is for |
Creation of charge |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U51909DL2001PTC112854 |
|
Name of the company |
PARSAN OVERSEAS PRIVATE LIMITED |
|
Address |
707, 7th Floor, Eros Apartments, 56, Nehru Place, New Delhi 110 019, India |
|
Type of Charges |
Immovable property, book debts, stocks, receivables, all fixed assets |
|
Whether consortium finance is involved |
No |
|
Whether joint charge involved |
No |
|
Number of charge holder(s) |
1 |
|
Particular of the charge holder |
State Bank of India Okhla Industrial Estate, Phase III, New Delhi 110 020, India |
|
Nature or description of the instrument creating or modifying the charge |
Agreement of loan cum hypothecation (SME-2) and (SME-1) |
|
Date of the instrument creating charge |
16.01.2007 |
|
Whether charge created or modified outside India |
No |
|
Amount Secure by the charge |
Rs. 22.500 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: the above is to secure the BG (FOREX) and LC limit of Rs. 22.500 millions with interest at such rates as may be stipulated by the bank from time to time Terms of repayment: as per agreement Margin: margin 25% Extent and operation of the charge: as per agreement Others: as per agreement |
|
Short particulars of the Property charged |
Hypothecation of all current and fixed assets of the company Collaterally secured by equitable mortgage of (i) F-558, Pocket F and G, Sarita Vihar, New Delhi, India, in the name of Mrs. Brinda Mukherjee (ii) S-2, Ansals Chiranjeev Vihar, Ghaziabad in the name of Mr. Ram Singh Rana and Mr. Sanjay Rana. |
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
As Per Web:
Profile
Subject is a firm of specialized consultants, engineers and scientists
offering state-of-the-art geophysical site investigations, topographic & hydrographic
surveys, geological and hydrogeological investigations and non-destructive
testing of structures.
The application areas include Civil Engineering, Environment, Dam Safety, Hydrogeology,
Mining, Marine Infrastructure, Highways, Water Resources...etc.
Subject was established in the year 2000 with the advent of the
millennium. The organisation has been formed with a vision -- that it will
offer in the international market place the entire gamut of service of
pharmaceutical sector. From project planning, production machinery to packaging
material for finished goods, all fall within the ambit of Parsan Overseas. The
company has aspired, and quite successfully too, in a short time , to penetrate
various international markets with products and services at the higher end of
technology -- no mean feat for a company relatively new.
Subject is a company eminently placed to perform outstandingly in the
global market. Even though the company came into existence just over a year
ago, it brings with it almost 25 years of experience in the pharmaceutical
industry, through its promoters / directors. The variety of expertise available
in the company is enviable, stretching from international trade in
pharmaceuticals to establishment of pharmaceutical units, project handling,
product and production planning, development of machinery / processes, supply
of paramedical products, etc.
Subject has accomplished various business projects in countries like
Georgia, Azerbaijan, Uzbekistan, North Africa including Algeria, Mauritius,
etc. The strength of the company has always been meeting its commitments in a
manner such that its client invariably desires to continue business with Parsan
Overseas. For the purposes of procuring production machinery, packaging
material of varying volumes or quality, paramedical products, or for carrying
out turnkey projects, Parsan Overseas is the organisation to approach and do
business with.
Products
Parsan Overseas has agency for the following instruments for sales in
India:
- Ground
Penetrating Radar
- Environmental
Equipment by EnviroEquip, Australia
The company has pool of following instruments for rentals:
- Ground
Penetrating Radar
- Total
Stations
- Autolevels
- Echosounders
- GPS
Services
Parsan Overseas provides a broad range of Geo-mapping and Geophysical
Services:
- Ground
Penetrating Radar Surveys
- Seismic
Surveys
- Electrical
Surveys- Imaging, VES, Profiling
- Seismic
Tomography
- Crosshole
- Downhole
- Radar
Tomography
- Magnetic
Surveys
- Electromagnetic
Surveys
- Topographic
Surveys & Hydrographic Surveys
- Non
Destructive Testing
The company has executed projects in Georgia, Algeria, Uzbekistan and
presently executing projects in Iran.
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.41.38 |
|
UK Pound |
1 |
Rs.80.76 |
|
Euro |
1 |
Rs.63.89 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
|