MIRA
INFORM REPORT
|
Report Date : |
15.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRAGATI VINIMAY PRIVATE LIMITED |
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Registered Office : |
Zone 10, Plot No. 907, Kolkata Leather Complex, P O Kamtatala, 24
Parganas, Karayadanga, Kolkata – 743502, 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 : |
22.11.2005 |
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Com. Reg. No.: |
21-106265 |
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CIN No.: [Company
Identification No.] |
U51900WB2005PTC106265 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
and Exporter and of Leather products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Business
shows downward trend. Payments are slow but correct. The company can be considered for small to moderate business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Zone 10, Plot No. 907, Kolkata Leather Complex, P O Kamtatala, 24
Parganas, Karayadanga, Kolkata – 743502, West Bengal, India |
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Tel. No.: |
91-33-32428843 |
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Mobile No.: |
91-9330039402 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pragati Imam |
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Designation : |
Director |
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Date of Birth/Age : |
17.12.1974 |
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Date of Appointment : |
06.01.2006 |
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Name : |
Mr. Syed Jaffer Imam |
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Designation : |
Director |
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Date of Birth/Age : |
09.07.1974 |
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Date of Appointment : |
26.06.2006 |
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Name : |
Mr. Syed Shabbir Ashraf |
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Designation : |
Director |
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Date of Birth/Age : |
04.01.1965 |
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Date of Appointment : |
26.06.2006 |
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Name : |
Mr. Syed Akbar Imam |
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Designation : |
Director |
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Date of Birth/Age : |
06.12.1975 |
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Date of Appointment : |
06.01.2006 |
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Name : |
Mr. Jagmohan Choudhary |
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Designation : |
Director |
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Address : |
1/1A, Nando Mullick Lane, Kolkata – 700006 |
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Date of Appointment : |
22.11.2007 |
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Name : |
Mrs. Renu Choudhary |
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Designation : |
Director |
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Address : |
1/1A, Nando Mullick Lane, Kolkata – 700006 |
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Date of Appointment : |
22.11.2007 |
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Name : |
Mr. Syed Askari Imam |
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Designation : |
Director |
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Address : |
B-5/8th/U-2, 98, Christopher Road, Kolkata – 700046, West
Bengal, India |
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Date of Birth/Age : |
20.01.1979 |
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Date of Appointment : |
22.12.2007 |
KEY EXECUTIVES
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Name : |
S A Associates |
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Designation : |
Company Secretary |
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Address : |
‘Swastik’, 334/157, Jessore Road, SN – 8, GF, Kolkata – 700089 |
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Tel. No.: |
91-33-25342445 / 25343481 |
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Mobile No.: |
91-9830016001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Jag Mohan and Choudhry |
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5000 |
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Renu Choudhry |
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5000 |
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Total |
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10000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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95.35 |
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Directors or relatives of directors |
|
4.65 |
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Total
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|
100.00 |
AS ON 29.03.2006
|
Name of allottee
in full |
|
No. of Shares |
|
Esmarie Mercantiles Private Limited |
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10000 |
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Raziel Tieup Private Limited |
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10000 |
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Nendej Tieup Private Limited |
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10000 |
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Gallaine Traders Private Limited |
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10000 |
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Manxine Agencies Private Limited |
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10000 |
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Kirsten Distributors Private Limited |
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10000 |
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Maybrie Traders Private Limited |
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15000 |
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Kaika Dealers Private Limited |
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30000 |
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Caspian Dealers Private Limited |
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15000 |
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Mayvrie Traders Private Limited |
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5000 |
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Pioneer Vyapaar Private Limited |
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20000 |
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Peacock Dealers Private Limited |
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27500 |
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Ambition Agencies Private Limited |
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5000 |
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City Wings Traders Private Limited |
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27500 |
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Total
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205000 |
AS ON 31.03.2008
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Name of allottee
in full |
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No. of Shares |
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Dhantersh Tie Up Private Limited |
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10000 |
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AKP Tie Up Private Limited |
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10000 |
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Sunview Vanjya Private Limited |
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15000 |
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Inward Vinimay Private Limited |
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15000 |
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Mandir Tie up Private Limited |
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10000 |
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Sarnath Vyapaar Private Limited |
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20000 |
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Sonvadra Vyapaar Private Limited |
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20000 |
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Glorious Holding Private Limited |
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15000 |
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Aruna Traders Private Limited |
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15000 |
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Total
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130000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Exporter and of Leather products |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
450 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
S. S. Lohia and Company Chartered Accountants 27, Brabourne Road, Naryani Building, 5th Floor, Room No.
505, Kolkata – 700001, West Bengal, India
Pratap Singh Surana Chartered Accountants 5 & 6 Fancy Lane, 6th Floor, Kolkata – 700001, West
Bengal, India |
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Memberships : |
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CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
215000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.150
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.150 |
2.150 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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18.520 |
18.450 |
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4] (Accumulated Losses) |
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0.000 |
[0.026] |
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NETWORTH |
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20.670 |
20.574 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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20.670 |
20.573 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.207 |
2.556 |
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Capital work-in-progress |
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0.463 |
6.452 |
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INVESTMENT |
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3.301 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
1.229 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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2.327 |
5.954 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.632 |
4.531 |
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Total
Current Assets |
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6.959 |
11.714 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.301 |
0.204 |
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Provisions |
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0.003 |
0.003 |
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Total
Current Liabilities |
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0.304 |
0.207 |
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Net Current Assets |
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6.655 |
11.507 |
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MISCELLANEOUS EXPENSES |
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0.044 |
0.059 |
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TOTAL |
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20.670 |
20.574 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2006 |
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Sales Turnover |
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|
0.011 |
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Other Income |
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0.048 |
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Total Income |
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0.059 |
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Profit/(Loss) Before Tax |
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[0.023] |
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Provision for Taxation |
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0.004 |
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Profit/(Loss) After Tax |
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[0.027] |
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Total Expenditure |
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0.082 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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NA |
[45.76] |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
[209.10] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
[0.16] |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
[0.00] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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22.89 |
56.59 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from 1/1A, Nando Mullick
Lane, Kolkata – 700006, West Bengal to the present address w.e.f. 14.07.2007
AS PER WEBSITE
Subject offers the most distinctive and comprehensive
collection of Leather Accessories ranging from men’s and ladies’ wallet,
handbags, back packs, briefcases to small accessories encompassing a wide range
of materials and updated designs.
They have been in
this business as ‘Fiza Fashions Limited’ for the last decade, satisfying the
needs of their customers, those being wholesalers, department and specialty
stores, across Europe and continental America.
Throughout the
years, they have maintained the highest standards of workmanship and materials
and built relationships based on service excellence, partnership and mutual
understanding.
This growth of demand
led them to the commencement of building infrastructure for Pragati Vinimay Private Limited in 2005. Their factory, with an area of 60,000 sq feet, is
built in Asia’s largest leather complex in Kolkata, India. It started
production in early 2007 with 75 FTE and 450 contractual workers.
They are core
manufacturers and have complete control over the entire process for quality and
to reduce lead times and provide on schedule delivery. Their in house
designing capabilities are remarkable and keep up with the fashion trends. They
also help their customers design and develop their exact custom leather
solutions. When it comes to the sourcing of quality raw materials like raw
hides, fittings, packaging and lining at the right price, they have well established
relationships with tanneries and manufacturers in India and China.
What makes them
stand out, is not only a large variety to satisfy their customer needs but over
90% of the items in stock for immediate access to their products. They have all
the suitable facilities that any organization of their stature requires.
Trade Shows-
Asia Pacific Leather
Show in Hong Kong –March
Magic Show in Las
Vegas – February and August
Maple Show in Italy
- September
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.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
30 |
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 |
|