MIRA
INFORM REPORT
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Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRIYANAKA COMMUNICATIONS INDIA PRIVATE LIMITED |
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Formerly Known As : |
MANISH ENGINEERING CONSTRUCTIONS PRIVATE LIMITED |
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Registered Office : |
143, Oshiwara Industrial Centre, Opposite Oshiwara, Bus Depot, New
Link Road, Goregaon West, Mumbai-400104, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
26.03.2004 |
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Com. Reg. No.: |
55-92649 |
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CIN No.: [Company
Identification No.] |
U45200MH2004PTC092649 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM14654D / MUMP19174B |
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PAN No.: [Permanent
Account No.] |
AABCM4898C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The Company is engaged in Marketing of Mobile Handsets |
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 300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Ms. Nisha, Accounts Assistance denied business and financial details
without the knowledge of inquirer’s name. Subject is a well established telecom
equipment marketing company. It is doing well. 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. |
INFORMATION DECLINED
BY
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Name : |
Ms. Nisha |
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Designation : |
Accounts Assistance |
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Date : |
15.11.2008 |
LOCATIONS
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Registered Office : |
143, Oshiwara Industrial Centre, Opposite Oshiwara, Bus Depot, New Link
Road, Goregaon West, Mumbai-400104, Maharashtra, India |
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E-Mail : |
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Area : |
Owned |
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Corporate Office : |
S-4, Woodrose Building, Lokhandwala Complex, Opposite Oshiwara, New
Link Road, Andheri, Mumbai-400104, Maharashtra, India |
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Tel. No.: |
91-22-66780500 |
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Fax No.: |
91-22-66780594 |
DIRECTORS
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Name : |
Mr. Manish Agarwal |
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Designation : |
Managing Director |
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Address : |
1101/1-A, Green Acres, Lokhandwala Complex, Andheri (West),
Mumbai-400053, Maharashtra, India |
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Date of Birth/Age : |
14.10.1971 |
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Date of Appointment : |
26.03.2004 |
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Name : |
Mr. Mahesh C Agarwal |
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Designation : |
Whole-time Director |
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Address : |
1101/1-A, Green Acres, Lokhandwala Complex, Andheri (West),
Mumbai-400053, Maharashtra, India |
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Date of Birth/Age : |
19.01.1945 |
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Date of Appointment : |
26.03.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.08.2008
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Names of Shareholders |
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No. of Shares |
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Manish Chandra Agarwal |
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52980 |
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Meera Agarwal |
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18010 |
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Manish Agarwal |
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29010 |
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Total |
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100000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in Marketing of Mobile Handsets |
GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
·
Kotak Mahindra Finance Limited, 36-38A, Nariman Bhavan, 227, D.
Nariman Point, Mumbai-400021, Maharashtra, India ·
Hong Kong and Shanghai Banking Corporation Limited ·
Oriental Bank of Commerce ·
Citi Bank N.A ·
HDFC Bank Limited ·
ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M.M. Agarwal and Company Chartered Accountant |
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Address : |
2, Jagannath Puri, Mathura-281001, Uttar Pradesh, India |
CAPITAL STRUCTURE
As on 29.08.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares (Of the Above, no Shares have been allotted
for a consideration, other than cash) |
Rs. 100/-
each |
Rs. 10.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
50.145 |
33.751 |
14.074 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
60.145 |
43.751 |
24.074 |
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LOAN FUNDS |
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1] Secured Loans |
75.733 |
72.978 |
88.033 |
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2] Unsecured Loans |
29.758 |
77.836 |
32.033 |
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TOTAL BORROWING |
105.491 |
150.814 |
120.066 |
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DEFERRED TAX LIABILITIES |
2.863 |
1.715 |
0.928 |
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TOTAL |
168.499 |
196.280 |
145.068 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.187 |
41.074 |
10.417 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
73.967
|
102.511 |
96.477 |
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Sundry Debtors |
47.031
|
47.280 |
26.053 |
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Cash & Bank Balances |
0.406
|
4.904 |
1.313 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.787
|
2.843 |
13.129 |
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Total
Current Assets |
123.191
|
157.538 |
136.972 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.647
|
2.104 |
0.712 |
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Provisions |
0.232
|
0.228 |
1.609 |
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Total
Current Liabilities |
2.879
|
2.332 |
2.321 |
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Net Current Assets |
120.312
|
155.206 |
134.651 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
168.499 |
196.280 |
145.068 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
2747.327 |
2835.389 |
1787.099 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
2747.327 |
2835.389 |
1787.099 |
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Profit/(Loss) Before Tax |
25.563 |
30.230 |
14.922 |
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Provision for Taxation |
9.170 |
10.552 |
5.601 |
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Profit/(Loss) After Tax |
16.393 |
19.678 |
9.321 |
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Expenditures : |
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Depreciation & Amortization |
1.760 |
1.189 |
0.719 |
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Other Expenditure |
2720.004 |
2803.970 |
1771.458 |
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Total Expenditure |
2721.764 |
2805.159 |
1772.177 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.59
|
0.69 |
0.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.93
|
1.07 |
0.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.92
|
15.22 |
10.12 |
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Return on Investment (ROI) (PBT/Networth) |
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0.43
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0.69 |
0.62 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.80
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3.50 |
10.58 |
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Current Ratio (Current Asset/Current Liability) |
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42.79
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67.55 |
59.01 |
LOCAL AGENCY
FURTHER INFORMATION
Dividend:
Keeping in view the long term requirement of funds, the directors do not
recommend dividend for the period ended March 31, 2008.
Operations:
There has been slight fall in the turnover of the company. Profit for
the year has declined correspondingly. The company is looking for divergent
market and hopes to regain the turnover in coming period. Company has taken
steps to cut costs also. Looking to the scope for the products of the company
in market, Directors hope that the company would be able to post sustained
growth in coming period.
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U45200MH2004PTC092649 |
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Name of the
company |
PRIYANAKA COMMUNICATIONS INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
S-4, Woodrose Building, Lokhandwala Complex, Opposite Oshiwara, New
Link Road, Andheri, Mumbai-400104, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Kotak Mahindra Finance Limited, 36-38A, Nariman Bhavan, 227, D.
Nariman Point, Mumbai-400021, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Deposit of the Title Deeds |
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Date of
instrument Creating the charge |
23.10.2007 |
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Amount secured by
the charge |
Rs. 206.175
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Floating over the
tenure of the facility. The interest rate is linked to Kotak Mahindra Bank’s
Benchmark Prime Lending Rate. Terms of
Repayment Term Loan – WCTL
1/Term Loan –WCTL 2/ Term Loan-WCTL3/ Term Loan-TL 1/ Term Loan- TL 2/ Term
Loan- TL 3 : Loan shall be repaid by way of 36 EMI’s starting from month
following the month of first disbursement of Term Loan. WCDL: on Demand
as per terms and conditions ad deemed fit by the Bank. Margin Cash Credit : 25
on Stock and 25% on debtors less than 60 days-Average HSBC balance for the
month-trade creditors. Overdraft against
clearing: 10% shall be maintained throughout the tenure of the facility on
the value of Cheques lodged/ deposited for clearing in high value and local
clearing. WCDL: On Such
terms and conditions as deemed fit by the bank. Extent and
Operation of the charge First and
Exclusive charge on immovable property of the Borrower by way of Deposit of
Title Deeds with Kotak Mahindra Bank to secure the financial facilities
granted by the Bank to the Borrower. |
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Short particulars
of the property charged |
Gala No. 146 and
148 adm. About 413 sq.ft. on the 1st Floor in “C” Wing of the
Building known as “Oshiwara Industrial Premises Co-operative Society
constructed on the portion of Land or ground situate lying bearing Plot –O/
D/11 situate at Mouje Pahadi Taluka Borivali within the Registration District
and Sub-District of Bombay City and District Bombay sub urban being part
property bearing Survey no. 161 having CST No. 1-A adm. 12235.8 sq.mt
equivalent to 1224.0 sq.yards. |
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Name of the company |
PRIYANAKA COMMUNICATIONS INDIA PRIVATE LIMITED |
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Presented By |
Mr. Manish
Agarwal |
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1) Date and description of instrument creating the change |
28.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Finance facility
to limit of Rs. 106.175 Millions agreed to be lent and advanced by Kotak
Mahindra Bank Limited, 36-387A, Nariman Bhavan, Nariman Point, Mumbai to
Priyanaka Communications (India) Private Limited, Priyanka Infocomm, Shyama
Charan Agarwal and sons together with interest, costs, charges, expenses and
all other moneys due and payable by it to Kotak Mahindra Bank Limited |
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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 |
Equitable
Mortgage over the properties owned by the Company situated at Unit No.
142/143 on 1st Floor, Owhiwara Industrial Centre, Situated Mouje
Pahadi, Opposite Oshiwara Bus Depot, New Link Road, Goregaon (West),
Mumbai-400104, Maharashtra, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
The charge
operate as security, inter alia, for the due payment and discharge by Rs.
106.175 Millions to be lent and advanced by Kotak Mahindra Bank Limited,
36-38A, Nariman Bhavan Nariman Point, Mumbai to Priyanka Communications
(India) Limited, Priyanka Infocomm, Shyam Charan Agarwal and Sons together
with interest, costs, charges, expenses and all other money payable by it to
Kotak Mahindra Bank Limited under the relevant documents. ·
The company
shall keep the Mortgaged Premises in good condition at its own costs and to
insure the Mor5tgage Premises ·
The
securities created under the said facilities are to be continuing securities
for all the moneys, indebtedness and liabilities aforesaid. |
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5) Name and Address and description of the person entitled to the charge. |
Kotak Mahindra Finance Limited, 36-38A, Nariman Bhavan, 227, D. Nariman
Point, Mumbai-400021, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Fixed Assets:
·
Building
·
Car
·
Delivery Vans
·
Computer
·
Software
·
Furniture
·
Office Equipments
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
54 |
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 |
|