MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
PRAGATI FLEXO PRIVATE LIMITED |
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Registered
Office : |
17, Red Hills, Lakdikapool, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.04.2001 |
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Com. Reg. No.: |
01-036609 |
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CIN No.: [Company Identification
No.] |
U74990AP2001PTC036609 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDP03830B |
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PAN No.: [Permanent Account No.] |
AADCP6612M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Flexo Labels, Stickers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (16) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Deepak |
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Designation : |
Accountant |
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Contact No.: |
91-40-23380000 |
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Date : |
07.04.2011 |
LOCATIONS
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Registered Office : |
17, Red Hills, Lakdikapool, |
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Tel. No.: |
91-40-23380000 |
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Fax No.: |
91-40-23390230 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
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Location : |
Owned |
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Factory |
No.60, Cie Gandhinagar, Balanagar, |
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Tel. No.: |
91-40-23170020 / 40 |
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Marketing Offices : |
Located At :
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DIRECTORS
AS ON 28.09.2010
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Name : |
Mr. P. Mahindra |
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Designation : |
Director |
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Address : |
11-5-401,Hillview, Red Hills, Khairtabad, |
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Date of Birth/Age : |
16.06.1957 |
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Date of Appointment : |
24.04.2001 |
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Name : |
Mr. P.Narendra |
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Designation : |
Director |
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Address : |
11-5-401,Hillview, Red Hills, Khairtabad, |
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Date of Birth/Age : |
23.09.1953 |
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Date of Appointment : |
24.04.2001 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. P. Mahendra |
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5000 |
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Mr. P. Narendra |
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5000 |
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Pragati Offset Private Limited, |
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100000 |
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Total |
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110000 |
AS ON 28.09.2010
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Category |
Percentage |
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Bodies corporate |
90.91 |
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Directors or relatives of Directors |
9.09 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Flexo Labels, Stickers. |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
PRODUCTION STATUS AS ON (AS ON : 31.03.2010)
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Particulars |
31.03.2010 |
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Class of Goods Manufactured |
Flexo Lables, Stickers |
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Licensed Capacity |
Not Available |
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Installed Capacity |
1025370 sq. mtrs per month |
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Actual Production |
291465396 (Nos.) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
ICICI Bank, Himayat |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Bansal and Dave Chartered Accountant |
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Address : |
201, Gupta Estate, 5-9-58, Basheerbagh, |
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Tel. No.: |
91-40-23234799 / 23298301 |
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Fax No.: |
91-40-23231246 |
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Holding Company : |
Pragati Offset Private Limited Address : 17, Red Hills, Lakdikapool, Line of Business : Manufacturer of Flexo Labels, Stickers. |
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Associate Company : |
Pragati Pack ( Address : 17, Red Hills, Lakdikapool, Line of Business : Manufacturer of Flexo Labels, Stickers. |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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110000 |
Equity Shares |
Rs.10/- each |
Rs.1.100
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.100 |
1.100 |
1.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.020 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(23.079) |
(34.602) |
(31.999) |
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NETWORTH |
(21.979) |
(33.502) |
(30.879) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
30.375 |
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2] Unsecured Loans |
149.488 |
131.851 |
109.008 |
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TOTAL BORROWING |
149.488 |
131.851 |
139.383 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.153 |
1.690 |
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TOTAL |
127.509 |
98.502 |
110.194 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.553 |
61.300 |
74.380 |
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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 |
0.304 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.669
|
5.117 |
3.830 |
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Sundry Debtors |
24.988
|
11.835 |
10.751 |
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Cash & Bank Balances |
3.808
|
2.046 |
0.929 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
27.728
|
20.049 |
21.663 |
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Total
Current Assets |
63.193
|
39.047 |
37.173 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.132 |
0.666 |
1.074 |
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Other Current Liabilities |
0.760
|
1.138 |
0.355 |
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Provisions |
0.674
|
0.088 |
0.000 |
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Total
Current Liabilities |
2.566
|
1.892 |
1.429 |
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Net Current Assets |
60.627
|
37.155 |
35.744 |
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MISCELLANEOUS EXPENSES |
0.025 |
0.047 |
0.069 |
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TOTAL |
127.509 |
98.502 |
110.193 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
75.737 |
45.399 |
19.037 |
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Other Income |
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TOTAL |
75.737 |
45.399 |
19.037 |
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Less |
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Office Expenses |
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Administrative Expenses |
50.479 |
33.867 |
21.693 |
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Advertising Expenses |
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Interest |
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TOTAL |
50.479 |
33.867 |
21.693 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
25.258 |
11.532 |
(2.656) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
13.694 |
15.636 |
16.336 |
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PROFIT BEFORE
TAX |
11.564 |
(4.104) |
(18.992) |
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Less |
TAX |
0.042 |
0.035 |
1.138 |
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PROFIT AFTER TAX
|
11.522 |
(4.139) |
(17.854) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.282 |
1.942 |
Nil |
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TOTAL EARNINGS |
0.282 |
1.942 |
Nil
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IMPORTS |
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Machinery Purchase |
18.977 |
Nil |
11.409 |
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Raw Material |
0.332 |
Nil |
0.424 |
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Consumables and Stores |
1.474 |
1.137 |
0.505 |
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Spares to machinery |
1.464 |
3.405 |
0.053 |
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Traveling Expenses |
Nil |
0.277 |
Nil |
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TOTAL IMPORTS |
22.247 |
4.819 |
12.391 |
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Earnings Per
Share (Rs.) |
104.75 |
(37.63) |
(162.31) |
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Expected Sales (2010-2011) : Rs. 90.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
15.21
|
(9.11) |
(93.78) |
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Net Profit Margin (PBT/Sales) |
(%) |
15.26
|
(9.03) |
(99.76) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.91
|
(4.08) |
(17.02) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.52)
|
(0.12) |
(0.61) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(6.91)
|
(3.99) |
(4.56) |
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Current Ratio (Current Asset/Current Liability) |
|
24.62
|
20.63 |
26.01 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for trade |
1.132 |
0.450 |
1.002 |
|
Sundry Creditors for Capital Goods |
0.000 |
0.216 |
0.072 |
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Total |
1.132 |
0.666 |
1.074 |
OPERATIONS:
During the Financial year the company registered a turnover of Rs.75.737 millions which shows an increase of 67% over the previous year turnover. The company for the first time recorded a net profit after tax of Rs.11.522 millions.
FUTURE OUTLOOKS:
The demand for the company’s product continues to grow and with increased product profile and innovative products with emphasis on higher quality the company has been able to retain the loyalty of its existing customers and also adding new customers to its client list. With the continuous support of the holding company Pragati Offset Private Limited, the directors visualize a bright future for the company.
Fixed Assets :
- Computer
- Electrical Equipments
- Furniture and Fixtures
- Office Equipments
- Plant and Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 44.04 |
|
|
1 |
Rs. 72.19 |
|
Euro |
1 |
Rs. 63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.