MIRA
INFORM REPORT
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Report Date : |
06.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRECISION AUTOMOTIVE COMPANY PRIVATE LIMITED |
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Registered Office : |
224, AJC Bose Road, Krishna Building, Kolkata – 700 017, 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 : |
06.04.1989 |
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Com. Reg. No.: |
21-46648 |
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CIN No.: [Company
Identification No.] |
U34300WB1989PTC046648 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Hose and Flexible Ducts, Exhaust and Fume, Silencers,
Exhaust 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 120000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by Average 30 days |
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Litigation : |
Clear |
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Comments : |
Mr. Patnaik of the company declined business and financial details. Subject is a well established company having satisfactory track. Financial
position is satisfactory. Payments are reported as slow by average 30 days. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION
DECLINED BY
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Name : |
Mr. Patnaik |
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Designation : |
Account Department |
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Date : |
05.11.2008 |
LOCATIONS
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Registered Office : |
224, AJC Bose Road, Krishna Building, Kolkata – 700 017, West Bengal,
India |
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Tel. No.: |
91-33-30969042 |
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Fax No.: |
91-33-22176399 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rajeev Singh Dugal |
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Designation : |
Director |
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Address : |
4, Jublee Road, Beldih Triangle, Jamshedpur – 831 001, Jharkhand,
India |
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Date of Birth/Age : |
06.12.1958 |
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Date of Appointment : |
06.04.1989 |
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PAN No.: |
ADQPD6038A |
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Name : |
Mr. Kawaljeet dugal |
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Designation : |
Director |
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Address : |
4, Jublee Road, Beldih Triangle, Jamshedpur – 831 001, Jharkhand,
India |
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Date of Birth/Age : |
26.07.1964 |
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Date of Appointment : |
31.03.2006 |
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PAN No.: |
ACTPD7965J |
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Name : |
Mr. Harjinder Singh |
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Designation : |
Director |
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Address : |
C-10, Geetanjali Garden Complex, Golmuri, Jamshedpur – 831 003,
Jharkhand, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Purshotam Singh Dugal |
11890 |
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Rajeev Singh Dugal |
258360 |
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Jagbir Singh |
10250 |
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RSD Finance Limited |
362500 |
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Shyamkunj India Limited |
43500 |
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K U Benefit Trust |
63500 |
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Total |
750000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Bodies Corporate |
54.13 |
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Directors or relatives of directors |
36.04 |
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Others |
9.83 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Hose and Flexible Ducts, Exhaust and Fume, Silencers,
Exhaust etc. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
Around 300 |
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Bankers : |
IDBI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
Ajay Dhandhania Chartered Accountants Address : 1, R N Mukherjee
Road, Martin Butn Building, Mezanine Floor, Room # 15, Kolkata – 700 017,
West Bengal, India ·
Damle Dandhania and Company Chartered Accountants Address : Martin Burn House, 1 R N Mukherjee Road, Mezanine Floor, R # 15,
Kolkata – 700 001, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
Notes :
Of the above shares 40700 Equity shares of
Rs.10/- each have been allotted as fully paid up for consideration other than
in cash pursuant to an agreement
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 |
7.500 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.219 |
8.385 |
3.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.719 |
15.885 |
11.200 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.365 |
0.365 |
0.365 |
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TOTAL BORROWING |
0.365 |
0.365 |
0.365 |
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DEFERRED TAX LIABILITIES |
0.533 |
0.501 |
0.358 |
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TOTAL |
25.617 |
16.751 |
11.923 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.721 |
7.586 |
5.349 |
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Capital work-in-progress |
0.495 |
0.247 |
1.068 |
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INVESTMENT |
2.561 |
3.565 |
1.060 |
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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 |
30.770
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16.769 |
11.833 |
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Sundry Debtors |
15.292
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5.603 |
1.382 |
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Cash & Bank Balances |
3.699
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5.711 |
1.843 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
37.799
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5.305 |
1.934 |
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Total
Current Assets |
87.560
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33.388 |
16.992 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
68.497
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25.487 |
11.908 |
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Provisions |
6.223
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2.548 |
0.638 |
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Total
Current Liabilities |
74.720
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28.035 |
12.546 |
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Net Current Assets |
12.840
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5.353 |
4.446 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.617 |
16.751 |
11.923 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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329.173 |
192.882 |
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Job Works |
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0.020 |
0.035 |
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Other Income |
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2.275 |
1.636 |
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Total Income |
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331.468 |
194.553 |
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Profit/(Loss) Before Tax |
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13.025 |
6.808 |
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Provision for Taxation |
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4.191 |
2.123 |
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Profit/(Loss) After Tax |
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8.834 |
4.685 |
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Expenditures : |
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Operating Expenses |
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243.672 |
150.378 |
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Selling and Distribution Expenses |
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3.444 |
1.597 |
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Administrative Expenses |
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9.271 |
1.328 |
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Payment and Benefit to Employees |
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2.766 |
2.266 |
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Interest |
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0.029 |
0.046 |
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Duties and Taxes |
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57.804 |
31.010 |
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Depreciation & Amortization |
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1.457 |
1.120 |
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Total Expenditure |
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318.443 |
187.745 |
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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 |
(%) |
2.67
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2.41 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.96
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3.53 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.39
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16.62 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.53
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0.43 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.04
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1.79 |
1.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.17
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1.19 |
1.35 |
LOCAL AGENCY FURTHER
INFORMATION
Operations and
Future Outlook
During the year, the company achieved a turnover of Rs.329.200 millions
and recorded a profit before tax of Rs.13.000 millions. As compared to this the
turnover of the previous year was Rs.192.900 millions and the profit before tax
was Rs.6.808 millions.
Fixed Assets
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Free Hold Land
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Building
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Plant and Machinery
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Vehicles
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Furniture and Fixtures
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Office Equipments
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Electrical Installations
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Computers
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Airconditioners
Contingent
Liabilities not Provided for
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(As
on 31.03.2007) Rs.
In millions |
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Guarantee given on behalf of bodies corporate jointly with other
bodies corporate collectively |
659.800 |
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Bills discounted with bank but not matured |
89.341 |
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.47.18 |
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UK Pound |
1 |
Rs.75.05 |
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Euro |
1 |
Rs.60.89 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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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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41 |
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
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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 |
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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 |
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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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