MIRA
INFORM REPORT
|
Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRISM SURFACE COATINGS PRIVATE LIMITED |
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|
|
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Registered
Office : |
No. 89, 3rd cross, 4th Phase, Bommasandra
Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.03.1999 |
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Com. Reg. No.: |
08-024911 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100
Million |
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|
|
CIN No.: [Company Identification
No.] |
U29299KA1999PTC024911 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRPO1682C |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Paint Booths,
Powder Spray Booths and Recovery Systems etc. |
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No. of Employees
: |
50 [Approximately] |
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 36000 |
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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 : |
Subject is an established company having satisfactory track. There
appears some dip in the turnover and profitability of the company. However, networth
appears to be satisfactory. 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Ravindranath Vadivelu Doraisamy |
|
Designation : |
Operation Director |
|
Contact No.: |
91-9844400198 |
|
Date : |
23.08.2011 |
LOCATIONS
|
Registered Office / Factory: |
No. 89, 3rd cross, 4th Phase, Bommasandra
Industrial Area, |
|
Tel. No.: |
91-80-25450388/25450213/25450214/91-8110-417999 |
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Fax No.: |
91-80-25452461/91-8110-417900 |
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Email: |
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|
Website: |
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Area: |
11000 sq. ft. (Owned) |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Ganesan Manickam Krishnan |
|
Designation : |
Director |
|
Address : |
No.409, 8th Main Hrbr Layout, 1st Block, Kalyan
Nagar, |
|
Date of Birth/Age : |
06.09.1959 |
|
Date of Appointment : |
17.03.1999 |
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Din No.: |
00562546 |
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|
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Name : |
Mr. Ganesan Preetam Kumar |
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Designation : |
Director |
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Address : |
No.409, 8th Main Hrbr Layout, 1st Block, Kalyan
Nagar, |
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Date of Appointment : |
22.01.2010 |
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Din No.: |
02870932 |
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|
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|
Name : |
Mr. Ravindranath Vadivelu Doraisamy |
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Designation : |
Director |
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Address : |
C 22, Vasantham Apartment, |
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Date of Birth/Age : |
26.08.1960 |
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Din No.: |
02582990 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ganesan Manickam Krishnan |
|
10010 |
|
Ganesan Preetam Kumar |
|
10 |
|
|
|
|
|
Total |
|
10020 |
List of Allottee:
As on 21.02.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ganesan Manickam Krishnan |
|
440440 |
|
Ganesan Preetam Kumar |
|
44440 |
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|
|
|
|
Total |
|
484880 |
As on 19.01.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ganesan Preetam Kumar |
|
1000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Paint Booths, Powder
Spray Booths and Recovery Systems etc. |
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Exports : |
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Products : |
Paint Booths, Powder Spray Booths |
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Countries : |
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Imports : |
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Products : |
Oven Parts |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C |
PRODUCTION STATUS (AS ON31.03.2010)
|
Particulars |
Unit |
Actual
Production |
|
Painting and Powder Coating Plant / Booth |
No |
9 |
|
Painting and Powder Coating Plant / Booth |
|
18 |
|
Oven |
No |
2 |
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Spares |
No |
431 |
|
Spares |
|
7 |
GENERAL INFORMATION
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Customers : |
Dealer, Agent |
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No. of Employees : |
50 [Approximately] |
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Bankers : |
Indian Overseas Bank. |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Bhaskaran and Ramesh Chartered Accountant |
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Address : |
New No 48 Old Ne 150, |
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 |
|
10020 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
As on 29.09.2010
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 |
|
495900 |
Equity Shares |
Rs.10/- each |
Rs.4.959
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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.044 |
8.710 |
3.050 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9.144 |
8.810 |
3.150 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.700 |
5.503 |
9.253 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2.700 |
5.503 |
9.254 |
|
|
DEFERRED TAX LIABILITIES |
0.224 |
0.503 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
12.068 |
14.816 |
12.404 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.860 |
22.539 |
18.128 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.225 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.153 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.513
|
1.649
|
1.130 |
|
|
Sundry Debtors |
11.950
|
18.658
|
11.672 |
|
|
Cash & Bank Balances |
31.079
|
45.687
|
21.147 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
2.396
|
1.803
|
9.853 |
|
Total
Current Assets |
46.938
|
67.797
|
43.802 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
19.502
|
29.785
|
|
|
|
Other Current Liabilities |
34.514
|
43.076
|
49.464 |
|
|
Provisions |
0.714
|
2.659
|
0.440 |
|
Total
Current Liabilities |
54.730
|
75.520
|
49.905 |
|
|
Net Current Assets |
(7.792)
|
(7.723)
|
(6.102) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12.068 |
14.816 |
12.404 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
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Income |
|
|
|
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|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
104.625 |
161.274 |
80.362 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
99.953 |
147.741 |
75.520 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
99.953 |
147.741 |
75.520 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.672 |
13.533 |
4.842 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.871 |
1.705 |
1.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.801 |
11.828 |
3.585 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.373 |
3.219 |
1.859 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.428 |
8.609 |
1.726 |
|
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|
|
|
|
|
|
|
Less |
TAX (H) |
0.094 |
2.949 |
0.336 |
|
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|
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|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
0.334 |
5.660 |
1.390 |
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8.510 |
2.850 |
1.460 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8.844 |
8.510 |
2.850 |
|
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|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2.339 |
2.991 |
48.723 |
|
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|
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.657 |
13.092 |
8.723 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
33.33 |
564.87 |
138.72 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
120.000 |
The above information has been parted by Mr. Ravindranath Vadivelu
Doraisamy.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.32
|
3.51 |
1.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.64
|
9.53 |
3.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.97 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.28
|
9.20 |
15.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86
|
0.90 |
0.87 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCES:
The turnover during the year decreased by 35% as compared to previous
year and the PBT has decreased by 95%.
FUTURE PLANS:
The company is having sufficient order on hand and had submitted offers for
various jobs and expects to get further order in the near future.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80031804 |
|
Corporate identity
number of the company |
U29299KA1999PTC024911 |
|
Name of the
company |
PRISM SURFACE
COATINGS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 89, 3rd cross, 4th Phase, Bommasandra
Industrial Area, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Indian Overseas Bank. |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation Dated 23-05-2007. |
|
Date of
instrument Creating the charge |
Rs.22.200
Millions |
|
Amount secured by
the charge |
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR of 12.5% on
monthly rests and varies from time to time as per the Bank's Rules / RBI
Guidelines. Terms of
Repayment 1. Term Loan of
Rs.5.000 Millions is repayable in 36 EMIs of Rs.1,67,270 commencing from
April, 2007. 2. Letter of
Guarantee of Rs.10.000 Millions is repayable on demand. 3. Term Loan of
Rs.7.200 Millions is repayable in 60
EMIs of Rs.1,62,000 commencing from April, 2007 Margin 1. Term Loan of
Rs.5.000 Millions : 25% 2. Letter of
Guarantee of Rs.10.000 Millions : 25% 3. Term Loan of
Rs.7.200 Millions : 50% Extent and
Operation of the charge First Charge by way
of Equitable Mortgage of property and hypothecation of Fixed Assets of
Furniture and Fixtures, Office Equipments and Computers and Machineries
existing and proposed. |
|
Short particulars
of the property charged |
First Charge on
all the Machineries, Fixed Assets of Furniture and Fixtures, Office
Equipments and Computers and Machineries existing and proposed and all that
piece and parcel of the property measuring 1,656 Sq. Mtrs. situated at Plot
No.89, Sy No. Part of 44 in Bommasandra, 4th Phase Industrial Area within the
limits of Village Harandahalli Hobli, Jigni Tk., Anekal, |
|
Particulars of
the present modification |
Total Limits
enhanced from Rs.9.200 Millions to Rs.22.200 Millions. (Tern Loan of
Rs.50 Millions + Letter of Guarantee
of Rs.10.000 Millions + Term Loan of
Rs.7.200 Millions ) |
Trade References:
- L and T
- Oisa
Fixed Assets:
- Building
- Plant and Machinery
- Furniture and Fixtures
- Electrical Fittings
- Office Equipments
- Computer
- Motor Vehicle
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.45.77 |
|
|
1 |
Rs.75.57 |
|
Euro |
1 |
Rs.65.97 |
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 |
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.