MIRA INFORM REPORT
|
Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
PEEKAY DEALER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
506, Lords, 7/ 1, Lords Sinha Road, Kolkata – 700 071, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
02.07.2001 |
|
|
|
|
Com. Reg. No.: |
21-093394 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909WB2001PTC093394 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALP04232E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of PVC Pipes and Fittings and Accessories. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 79000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
506, Lords, 7/ 1, Lords Sinha Road, Kolkata – 700 071, West |
|
Tel. No.: |
91-33-22823049/ 6730/ 6489/ 40152010/ 22829485 |
|
Fax No.: |
91-33-22826727 |
|
E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Pawan Kumar Goenka |
|
Designation : |
Director |
|
Address : |
10/1, |
|
Date of Birth/Age : |
02.11.1958 |
|
Date of Appointment : |
02.07.2001 |
|
|
|
|
Name : |
Mr. Anant Goenka |
|
Designation : |
Director |
|
Address : |
98, |
|
Date of Birth/Age : |
29.12.1981 |
|
Date of Appointment : |
02.07.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Pawan Kumar Goenka |
|
40100 |
|
Anant Goenka |
|
27600 |
|
Kusum Goenka |
|
30000 |
|
Kripa Goenka |
|
18000 |
|
Raghav Goenka |
|
12600 |
|
Sushil Kumar Jhunjhunwala |
|
100 |
|
Total |
|
128400 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVC Pipes and Fittings and Accessories. |
|
|
|
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shambhu Kedia and Company Chartered Accountants |
|
Address : |
1B, |
|
|
|
|
Related Party : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
128400 |
Equity Shares |
Rs.10/- each |
Rs.1.284 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.284 |
1.284 |
0.784 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18.395 |
13.923 |
7.115 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19.679 |
15.207 |
7.899 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3.449 |
2.379 |
0.229 |
|
|
TOTAL BORROWING |
3.449 |
2.379 |
0.229 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.00 |
|
|
|
|
|
|
|
|
TOTAL |
23.128 |
17.586 |
8.128 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.310 |
3.300 |
3.386 |
|
|
Capital work-in-progress |
6.586 |
5.228 |
0.772 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
1.175 |
|
|
DEFERREX TAX ASSETS |
0.041 |
0.041 |
0.040 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.507
|
1.755
|
0.023 |
|
|
Sundry Debtors |
10.362
|
8.162
|
0.212 |
|
|
Cash & Bank Balances |
0.102
|
1.118
|
0.572 |
|
|
Other Current Assets |
1.950
|
1.750
|
2.158 |
|
|
Loans & Advances |
8.930
|
2.248
|
0.869 |
|
Total
Current Assets |
26.851
|
15.033
|
3.834 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors and Other Current Liabilities |
10.513
|
4.773
|
0.511 |
|
|
Provisions |
3.147
|
1.243
|
0.568 |
|
Total
Current Liabilities |
13.660
|
6.016
|
1.079 |
|
|
Net Current Assets |
13.191
|
9.017
|
2.755 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.128 |
17.586 |
8.128 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
72.494 |
39.261 |
4.138 |
|
|
|
Sales (Shares) |
0.191 |
0.000 |
0.000 |
|
|
|
Rent |
0.774 |
0.602 |
0.420 |
|
|
|
Storage and Handling Charges |
0.024 |
0.000 |
0.000 |
|
|
|
Income From Sales of Shares (Long Term) |
0.000 |
0.000 |
2.313 |
|
|
|
Dividend |
0.010 |
0.028 |
0.064 |
|
|
|
Commission Received |
9.220 |
1.482 |
0.192 |
|
|
|
Interest Received |
0.068 |
0.051 |
0.204 |
|
|
|
Other Miscellaneous (Discount Received) |
1.464 |
0.708 |
0.139 |
|
|
|
TOTAL (A) |
84.245 |
42.132 |
7.470 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
65.521 |
35.719 |
3.816 |
|
|
|
Administrative, Selling and Other Expenses |
11.881 |
3.396 |
0.707 |
|
|
|
Long Term Capital – Loss (Net) |
0.000 |
0.092 |
0.000 |
|
|
|
TOTAL (B) |
77.402 |
39.207 |
4.523 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.843 |
2.925 |
2.947 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
0.375 |
0.238 |
0.017 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.468 |
2.687 |
2.930 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.091 |
0.090 |
0.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6.377 |
2.597 |
2.835 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.905 |
0.789 |
0.348 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.472 |
1.808 |
2.487 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.173 |
5.365 |
2.878 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
11.645 |
7.173 |
5.365 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.83 |
14.08 |
31.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.31 |
4.29
|
33.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.77 |
6.61
|
68.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.14 |
14.16
|
39.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.17
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.87 |
0.55
|
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97 |
2.50
|
3.55 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
The working of the Company during the year has been satisfactory.
|
Corporate
identity number of the company |
U51909WB2001PTC093394 |
|
Name of the
company |
PEEKAY DEALER PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
506, Lords, 7/ 1, Lords Sinha Road, Kolkata – 700 071, West E-Mail: bharat@vsnl.in |
|
This form is for |
Creation of charge
|
|
Type of charge |
Immovable
Property Others (alongwith
superstructure thereon and Immovable Plant and Machinery) |
|
Particular of
charge holder |
Bank of E-Mail: camacs@bankofbaroda.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
09/07/2010 |
|
Amount secured by
the charge |
Rs.115.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest and
other charges will be paid as per terms and conditions of Sanction Letter.
Presently ROI for Cash Credit - 1.50% above BPLR i.e. 13.50% p.a. W.M.R,
however subject to change. Terms of
Repayment: The working
capital limit shall be repayable on demand. Margin: The borrower
shall maintain appropriate margin as stipulated in the sanction terms, however
the same is subject to change from time to time. Presently the applicable
margin is CC - 25% on Stock
and 30% on Book-debts LC - 15% in the
form of FD Extent and
Operation of the charge: The security
created under said Agreement shall operate by way of First Charge and as
continuing security. Company being
mortgagor as well as Guarantor cum security provider created the aforesaid
EMTD in favor of the Bank to secure the due repayment of the Credit
facilities as sanctioned by the Bank to the tune of Rs.45.000 millions for
Bharat Mercantile Corporation, Rs.40.000 millions to Peekay Agencies Private
Limited, Rs.15.000 millions to Multichemical Industries Private Limited and
Rs.15.000 millions to itself. Others: The Company
hereby declares that all the charged property now existing are absolute
property of and at the sole disposal of the Company and free from any prior
charge or encumbrance and undertakes that all future property shall like
wise. The charged
assets/ property be kept at the Company risk and expense in good condition
and fully insured against loss or damage by fire in the joint name of Company
and bank. Other terms and
conditions are as per above referred Agreement and Sanction Letter of the
bank. |
|
Short particulars
of the property charged |
The company
created equitable mortgage by deposit of title deeds in respect of a) Office Space
admeasuring 956 Sq. Ft., bearing no. 505 situated on the 5th Floor of the
building known as Lords, being premises no. 7/1, b) All that piece
and parcel of sali land admeasuring 9.5 +12 +11 7/10 + 1 = 34 1/5 Decimal
situated within the jurisdiction of District Registry Office Howrah,
Additional District Sub- Registry office Domjur, within Mouza- Baniara under
J.L. No. 26, R.S. Dag No. 1495, 1501, 1502 and 1504 P.S. Domjur, District
–Howrah c) All that piece
and parcel of sali land admeasuring 6 decimal situated within the
jurisdiction of District Registry Office Howrah, Additional District Sub-
Registry office Domjur, within Mouza- Baniara under J.L. No. 26, R.S. Dag
No.1497 P.S. Domjur, District -Howrah d) All that piece
and parcel of sali land admeasuring 30 decimal situated within the
jurisdiction of District Registry Office Howrah, Additional District Sub-
Registry office Domjur, within Mouza- Baniara under J. L. No 26 R.S. Dag
No.1498 P.S. Domjur, District - e) All that piece
and parcel of sali land admeasuring 3 4/5 + 9.5 = 13 3/10 decimal situated
within the jurisdiction of District Registry Office Howrah, Additional
District Sub- Registry office Domjur, within Mouza- Baniara under J.L. No.
26, R.S. Dag No.1500 and 1503 P.S. Domjur, District –Howrah f) All that piece
and parcel of sali land admeasuring 8 decimal situated within the jurisdiction
of District Registry Office Howrah, Additional District Sub- Registry office
Domjur, within Mouza- Baniara under J.L. No. 26, R.S. Dag No.1496 P.S.
Domjur, District – |
FIXED ASSETS:
·
Land
·
·
Electric Installation
·
Telephone Equipment
·
Computer
·
Tube Well
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.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
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 |
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 |
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 |
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.