BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
PRAKASH RETAIL
PRIVATE LIMITED |
Principal Name 1 |
MR. SURYAPRAKASH K |
|
Status |
MODERATE |
Principal Name 2 |
MR. ASHOK KUMAR |
|
|
|
Registration # |
08-22698 |
|
Street Address |
AMBALPADY POST, UDUPI, UDUPI – 576103, |
||
|
Established Date |
26.08.1997 |
SIC Code |
-- |
|
Telephone# |
91-820-2523842 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
-- |
Business Style 2 |
IMPORTER |
|
Homepage |
-- |
Product Name 1 |
REFRIGERATORS, |
|
# of employees |
-- |
Product Name 2 |
DRYERS, |
|
Paid up capital |
RS.18,670,330/- |
Product Name 3 |
PRESSURE COOKERS |
|
Shareholders |
DIRECTORS OR RELATIVES OF DIRECTORS - 100% |
Banking |
SYNDICATE BANK |
|
Public Limited Corp. |
NO |
Business Period |
14 YEARS |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
COUNTRY
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
60,996,000 |
Current Liabilities |
149,865,000 |
|
Inventories |
163,552,000 |
Long-term Liabilities |
91,217,000 |
|
Fixed Assets |
66,656,000 |
Other Liabilities |
8,103,000 |
|
Deferred Assets |
000 |
Total Liabilities |
249,185,000 |
|
Invest& other Assets |
299,000 |
Retained Earnings |
23,648,000 |
|
|
|
Net Worth |
42,318,000 |
|
Total Assets |
291,503,000 |
Total Liab. & Equity |
291,503,000 |
|
Total Assets (Previous Year) |
239,073,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,055,193,000 |
Net Profit |
4,412,000 |
|
Sales(Previous yr) |
926,826,000 |
Net Profit(Prev.yr) |
2,379,000 |
MIRA
INFORM REPORT
|
Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRAKASH RETAIL PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
PRAKASH ELECTRIC COMPANY (UDUPI) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Ambalpady Post,
Udupi, Udupi – 576103, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
26.08.1997 |
|
|
|
|
Com. Reg. No.: |
08-22698 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52335KA1997PTC022698 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRPO3095B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACCP1251H |
|
|
|
|
Legal Form : |
Private Limited Liability company. |
|
|
|
|
Line of Business : |
Importer, Exporter, Manufacturer of and Dealer in all kinds of house
hold Appliance including Refrigerators, Dryers, Presses, Pressure Cookers, Ovens, Cooking ranges, hot Plates,
other Cooking utensils. |
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 170000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
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. The company can be considered for small to mediocre 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 : |
Ambalpady Post,
Udupi, Udupi – 576103, |
|
Tel. No.: |
91-820-2523842/ 2523843 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Suryaprakash K |
|
Designation : |
Managing Director |
|
Address : |
‘Pancharatna’, Kappettu, Ambalpady Udupi, |
|
Date of Birth/Age : |
29.07.1955 |
|
Date of Appointment : |
30.04.1999 |
|
|
|
|
Name : |
Mr. Ashok Kumar |
|
Designation : |
Director |
|
Address : |
‘Pancharatna’, Kappettu, Ambalpady Udupi, |
|
Date of Birth/Age : |
06.03.1956 |
|
Date of Appointment : |
26.08.1997 |
|
|
|
|
Name : |
Mr. Harish M |
|
Designation : |
Director |
|
Address : |
‘Pancharatna’, Kappettu, Ambalpady Udupi, |
|
Date of Birth/Age : |
22.08.1960 |
|
Date of Appointment : |
26.08.1997 |
|
|
|
|
Name : |
Mr. Suresh M |
|
Designation : |
Director |
|
Address : |
‘Pancharatna’, Kappettu, Ambalpady Udupi, |
|
Date of Birth/Age : |
09.10.1964 |
|
Date of Appointment : |
26.08.1997 |
|
|
|
|
Name : |
Mr. Rajesh M |
|
Designation : |
Director |
|
Address : |
‘Pancharatna’, Kappettu, Ambalpady Udupi, |
|
Date of Birth/Age : |
12.05.1971 |
|
Date of Appointment : |
26.08.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Suryaprakash K |
|
553720 |
|
Ashok Kumar |
|
328468 |
|
Harish M. |
|
362450 |
|
Suresh M. |
|
325682 |
|
Rajesh M. |
|
296713 |
|
|
|
|
|
Total |
|
1867033 |
Equity Share Breakup (Percentage of Total
Equity)
As on 30.09.2010
|
Category |
|
Percentage of Holding |
|
|
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer, Exporter, Manufacturer of and Dealer in all kinds of house
hold Appliance including Refrigerators, Dryers, Presses, Pressure Cookers, Ovens, Cooking ranges, hot Plates,
other Cooking utensils. |
GENERAL INFORMATION
|
Bankers : |
|
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Facilities : |
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|
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|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Prabhajith And Company Chartered Accountants |
|
Address : |
D.No.9-4-133C, Sri Ganesh Prabha, Tenkpet, Udupi – 576201, |
|
Tel. No.: |
91-820-2521636/2523636 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares |
Rs.10/- Each |
Rs.25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,867,033 |
Equity Shares |
Rs.10/- Each |
Rs.18.670
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 |
18.670 |
18.670 |
18.670 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.648 |
19.237 |
16.858 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
42.318 |
37.907 |
35.528 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
81.290 |
76.363 |
78.198 |
|
|
2] Unsecured Loans |
9.927 |
10.030 |
11.272 |
|
|
TOTAL BORROWING |
91.217 |
86.393 |
89.470 |
|
|
DEFERRED TAX LIABILITIES |
0.616 |
0.606 |
0.659 |
|
|
|
|
|
|
|
|
TOTAL |
134.151 |
124.906 |
125.657 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
61.832 |
47.480 |
47.251 |
|
|
Capital work-in-progress |
0.299 |
0.240 |
1.053 |
|
|
|
|
|
|
|
|
GOODWILL |
4.824 |
4.824 |
4.824 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
163.552
|
135.782
|
151.374 |
|
|
Sundry Debtors |
19.256
|
12.739
|
12.594 |
|
|
Cash & Bank Balances |
6.265
|
4.211
|
2.249 |
|
|
Other Current Assets |
31.535
|
29.115
|
24.254 |
|
|
Loans & Advances |
3.940
|
4.682
|
6.401 |
|
Total
Current Assets |
224.548
|
186.529
|
196.872 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
109.261
|
118.839 |
|
|
Other Current Liabilities |
|
0.000
|
0.000 |
|
|
Provisions |
7.487
|
4.906
|
5.504 |
|
Total
Current Liabilities |
157.352
|
114.167
|
124.343 |
|
|
Net Current Assets |
67.196
|
72.362
|
72.529 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
134.151 |
124.906 |
125.657 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1055.193 |
926.826 |
786.874 |
|
|
|
Other Income (Misc Income) |
4.452 |
3.755 |
4.208 |
|
|
|
TOTAL (A) |
1059.645 |
930.581 |
791.082 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
1033.902 |
907.989 |
774.597 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1033.902 |
907.989 |
774.597 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.743 |
22.592 |
16.485 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.163 |
10.950 |
7.809 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.580 |
11.642 |
8.676 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
9.126 |
7.774 |
7.448 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
6.454 |
3.868 |
1.228 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.042 |
1.489 |
0.682 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.412 |
2.379 |
0.546 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.36 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.42
|
0.26
|
0.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.61
|
0.42
|
0.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.22
|
1.62
|
0.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.10
|
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.87
|
5.29
|
6.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.63
|
1.58 |
LOCAL AGENCY FURTHER INFORMATION
Financial Result:
The company has earned profit of Rs. 4.412 Millions compared to Rs.
2.378 Millions of last year. In order to conserve the resources, the directors
do not recommend any dividend for the financial year 2009-10.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U52335KA1997PTC022698 |
|
Name of the
company |
PRAKASH RETAIL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Ambalpady Post,
Udupi, Udupi – 576103, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Syndicate Bank,
Catholic Centre, Udupi – 576101, |
|
Nature of
instrument creating charge |
Composite
Hypothecation Agreement |
|
Date of
instrument Creating the charge |
11.10.2010 |
|
Amount secured by
the charge |
Rs. 10.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.50% p.a. Terms of
Repayment To be operated
briskly to the Extent of limit fixed and bring it to credit at least once in
a year and closed in time by end of one year. Margin 25% Extent and
Operation of the charge Hypothecation/ charge
is created on the stock in trade of the company at Ambalpady, Udupi |
|
Short particulars
of the property charged |
Hypothecation/
Charge is created on the stock in trade in the company at Ambalpady, Udupi |
|
Name of the company |
PRAKASH RETAIL
PRIVATE LIMITED |
|
Presented By |
Mr. K.
Suryaprakash , M.D. |
|
1) Date and description of instrument creating the change |
31.12.04 –
Composite Hypothecation agreement to secure financial / credit facility
granted by the bank. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.45.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all stock in trade consisting of electric/ electronic/consumer durables,
White goods, kitchen wares, electrical appliances etc. and receivables and
first charge on all the fixed asses of the company stored / lying / situated
at companies showroom / warehouse at Udupi, Mangalore, Shimoga, Hubli, Puttur
and Kundapur. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest: @8.5 %
being 2.5% below Bank PLR. Margin: As
stipulated by the Bank Repayment: 60 EMI
|
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank,
Catholic Centre Branch, Udupi – 576101, |
|
6) Date and brief description of instrument modifying the charge |
25.01.2005 –
Letter evidencing deposit of title deeds – to collaterally secure the
financial Rs.45.000 Millions granted by the Bank. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Equitable
mortgage created by the deposits of title deeds on the following properties
of the Company. (a) Immovable
property held on wang right and
situated at Casba Bazar Village of Mangalore Taluk with in the 14th
Court Ward of Mangalore city corporation and with in the registration and
sub-district of Mangalore city and comprised in Sy. No.398-2B measuring 7.5
cents. (b) Immovable property situated in 76, |
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.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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.