MIRA
INFORM REPORT
|
Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRIME INDUSTRIES |
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Registered Office : |
Flat No. 7, Building No. 22, Narssinha Nagar, Gangapur Road, Nasik – 422
013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1997 |
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IEC No.: |
3197002113 |
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TAN No.: |
NSKP00994A |
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PAN No.: [Permanent
Account No.] |
AACFP9807C |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Importer of Graphic Blocks. |
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 |
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Maximum Credit Limit : |
USD 11100 |
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Status : |
Good |
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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 concern having satisfactory
track. Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Dhule |
|
Designation : |
Accountant |
|
Date : |
02.09.2008 |
LOCATIONS
|
Registered Office : |
Flat No. 7, Building No. 22, Narssinha Nagar, Gangapur Road, Nasik –
422 013, Maharashtra, India |
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Tel. No.: |
91-253-2342041 |
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Mobile No.: |
91-9370018113 |
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Fax No.: |
91-253-2340024 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft. |
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Location : |
Owned |
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Factory : |
A-12, MIDC, Palkited, Nasik – 422 013, Maharashtra, India |
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Area : |
4000 Sq. ft. |
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Location : |
Owned |
PARTNERS
|
Name : |
Mr. Ashish C. Varma |
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Designation : |
Partner |
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Address : |
Anand, 2, Date Nagar, Mate Nursery Road, Nasik – 422 013, Maharashtra,
India |
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Date of Birth/Age : |
30 Years |
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Qualification : |
B.E. |
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Experience : |
10 Years |
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Name : |
Mrs. S A Varma |
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Designation : |
Partner |
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Address : |
Anand, 2, Date Nagar, Mate Nursery Road, Nasik – 422 013, Maharashtra,
India |
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Date of Birth/Age : |
52 Years |
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Qualification : |
Graduate |
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Experience : |
12 Years |
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Name : |
Mrs. S A Varma |
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Designation : |
Partner |
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Address : |
Anand, 2, Date Nagar, Mate Nursery Road, Nasik – 422 013, Maharashtra,
India |
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Date of Birth/Age : |
25 Years |
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Qualification : |
B. Ed |
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Experience : |
2 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Graphic Blocks. |
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Products : |
v Graphite Dies v Graphite Moulds v Graphite Punch v EDM Graphite
Electrodes v Graphite Plate v Graphite Blocks v Graphite
Crucibles v Graphite for Hot
Pressure Sintering v Graphite
Products |
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Agencies Held : |
v Tokai Carbon
Company Limited - Japan |
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Imports : |
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Products : |
v Graphite Block |
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Countries : |
v Japan |
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Terms : |
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Selling : |
Credit ( 30 days) |
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Purchasing : |
Credit ( 90 days) |
PRODUCTION STATUS
As on 31.03.2008
|
Particulars |
Unit |
Actual
Production |
|
Graphite Block |
MT/ Year |
300 |
GENERAL
INFORMATION
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Customers : |
v End Users |
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No. of Employees : |
Total : 20 (Office : 10, Factory : 10) |
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Bankers : |
v Bank of Baroda GDLF Club, Nasik – 422 013, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A K Junagade and associates Chartered Accountants |
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Tel. No.: |
91-25-2507171 |
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Sister Concerns : |
v Ash Graph
Technologies Private Limited Address: Flat No. 7, Building No. 22, Prem Pooja Nagar, Narsinha
Nagar, Nasik – 422 013, Maharashtra, India |
CAPITAL STRUCTURE
|
Partner’s Capital : |
|
|
Owned : |
Rs. 2.220 millions |
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Borrowed : |
-- |
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Total : |
Rs. 2.220 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
2.220 |
2.220 |
1.620 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.220 |
2.220 |
1.620 |
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LOAN FUNDS |
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1] Secured Loans |
1.427 |
0.000 |
0.000 |
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2] Unsecured Loans |
14.413 |
12.471 |
10.402 |
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TOTAL BORROWING |
15.840 |
12.471 |
10.402 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.060 |
14.691 |
12.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.070 |
3.467 |
2.929 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.573 |
2.065 |
0.655 |
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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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|
|
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Inventories |
3.881
|
0.000 |
0.000 |
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Sundry Debtors |
3.989
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.025
|
0.000 |
0.000 |
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Other Current Assets |
2.332
|
0.000 |
0.000 |
|
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Loans & Advances |
0.299
|
11.817 |
8.938 |
|
Total
Current Assets |
10.526
|
11.817 |
8.938 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
0.584
|
2.656 |
0.501 |
|
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Provisions |
0.527
|
0.000 |
0.000 |
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Total
Current Liabilities |
1.111
|
2.656 |
0.501 |
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Net Current Assets |
9.415
|
9.161 |
8.437 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.060 |
14.691 |
12.022 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
23.642 |
23.096 |
18.564 |
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Other Income |
1.606 |
1.633 |
0.738 |
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Total Income |
25.248 |
24.729 |
19.302 |
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Profit/(Loss) Before Tax |
8.330 |
5.001 |
3.965 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
8.330 |
5.001 |
3.965 |
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Imports : |
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Raw Materials |
10.285 |
NA |
NA |
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Stores & Spares |
0.479 |
NA |
NA |
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Total Imports |
10.764 |
NA |
NA |
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Expenditures : |
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|
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Cost of Goods Sold |
2.324 |
0.000 |
0.000 |
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Manufacturing Expenses |
0.000 |
1.170 |
1.362 |
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Administrative Expenses |
3.882 |
1.630 |
1.531 |
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Selling and Distribution Expenses |
0.000 |
1.445 |
1.158 |
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Duties and Taxes |
0.000 |
0.025 |
0.018 |
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Raw Material Consumed |
0.000 |
10.820 |
7.562 |
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Salaries, Wages, Bonus, etc. |
0.000 |
1.081 |
0.861 |
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Partner’s Remuneration |
0.000 |
3.374 |
2.731 |
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Interest |
0.202 |
0.179 |
0.113 |
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Depreciation & Amortization |
1.024 |
0.000 |
0.000 |
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Other Expenditure |
9.486 |
0.004 |
0.001 |
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Total Expenditure |
16.918 |
19.728 |
15.337 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
32.99
|
20.22 |
20.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
35.23
|
21.65 |
21.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
32.99
|
20.22 |
20.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
3.75
|
2.25 |
2.45 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.50
|
1.20 |
0.31 |
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Current Ratio (Current Asset/Current Liability) |
|
9.47
|
4.45 |
17.84 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
Tokai Carbon Limited - Tokyo
Trust Seal Acceptance Chart
|
Parameters |
Details |
|
Existence Verification |
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Name |
Prime Industries |
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Statutory Approvals |
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Income Tax Registration |
AACFP9807C |
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Central Sales Tax Registration |
27170410989C |
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VAT/ TIN Registration |
27170410989V |
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Import Export Code |
3197002113 |
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Name of Bank |
Bank of Baroda |
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Current Account Number |
17660500000013 |
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Account Since |
10 Years |
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Standards and Certifications |
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Quality Management Systems (ISO) |
9910002644 expiry dated - 28.04.2007/ 2010 |
As Per Website Details
Establish
in the year 1997-98, they are one of the leading manufacturers and importers of
graphite products like graphite dies, graphite moulds, edm graphite electrodes,
graphite plate, graphite blocks, graphite crucibles. They offer machined
graphite items in industry standard and customized options, according to the
clients’ specific requirements.
The product array is widely appreciated for its incomparable features of
accurate tolerance and fine quality. These products are widely used in
different industries. They produce these quality-oriented products, using world
class infrastructure, machines and latest techniques.
Under the ownership of Mr. Ashish Chandra, the concern has developed a profound
infrastructure. The workshop is equipped with desired tools and equipment to
undertake the production process to meet varied customer demands.
Infrastructure
Subject has a well
equipped machine shop based in nashik specializing in machining graphite
products for a wide variety of applications including casting dies and molds
for diamond tool making. The 2500 square feet shop floor is equipped with a
large range of precision machines and tools to cater to the demand of the
growing indian manufacturing sector. Increasing demand for a variety of
graphite items across various segments have been met by continuous capacity
enhancements in the factory, which is now the largest graphite machine shop in
the country.
Industries/
Application Areas
v Electric Discharge Machining (EDM)
v Hot Pressure Sintering
v Continous Casting
v General Applications
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 concern is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
The 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.
The 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. 45.44 |
|
UK Pound |
1 |
Rs. 79.62 |
|
Euro |
1 |
Rs. 63.48 |
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 |
|