MIRA
INFORM REPORT
|
Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
PURBANCHAL LUMBERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Goyal Avenue, Plot No. 318 Ward, Opposite LIC Office,
Gandhidham-370201, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
25.10.2000 |
|
|
|
|
Com. Reg. No.: |
04-38854 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01110GJ2000PTC038854 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Company is engaged in the business of Manufacturing of Woodenplate and
trading of timber. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 76000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small 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. Omji |
|
Designation : |
Accounts Department |
|
Date : |
13.01.2011 |
LOCATIONS
|
Registered Office : |
Goyal Avenue, Plot No. 318 Ward, Opposite LIC Office,
Gandhidham-370201, |
|
Tel. No.: |
91-2836-232672/ 235171 |
|
Fax No.: |
91-2836-221909 |
|
E-Mail : |
|
|
Area : |
2000 sq.ft. (Owned) |
|
|
|
|
Factory : |
Survey No. 19/1, Village Varsana, Taluka Anjar, District Kutch, |
|
Area : |
5 Acres (Owned) |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rakesh O Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
24.02.1970 |
|
Date of Birth/Age : |
Goyal Avenue, Plot No. 318 Ward, Opposite LIC Office,
Gandhidham-370201, |
|
Qualification : |
B.Com |
|
Date of Appointment : |
25.10.2000 |
|
|
|
|
Name : |
Mr. Omprakash B O Agarwal |
|
Designation : |
Director |
|
Address : |
Plot No. 211, Sector 4, Opposite Mataji Mandir, Gandhidham,
Kutch-370201, |
|
Date of Birth/Age : |
27.08.1946 |
|
Date of Appointment : |
25.10.2000 |
|
|
|
|
Name : |
Mr. Mukesh Kumar O Agarwal |
|
Designation : |
Director |
|
Address : |
DBZS 43, Gandhidham, Kutch-370201, |
|
Date of Birth/Age : |
25.01.1975 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
25.10.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Omji |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rakeshmumar Omprakash Agarwal |
|
44010 |
|
Omprakash Basidhar Agarwal |
|
3510 |
|
Mukeshkumar Omprakash Agarwal |
|
76560 |
|
Santoshdevi Omprakash Agarwal |
|
5000 |
|
Mamata Rakeshkumar Agarwal |
|
229250 |
|
Seema Mukeshkumar Agarwal |
|
192000 |
|
Maliram Munnalal Agarwal |
|
1500 |
|
Sunita Subhakaran Agarwal |
|
700 |
|
Goldbum Commotrade Private Limited, Kolkata, West |
|
11250 |
|
Navnita Dealcomm Private Limited, West |
|
11250 |
|
Pearl Vinimay Private Limited, West |
|
11250 |
|
Winner Marketing and Management Private Limited, West |
|
11250 |
|
Snowtemp Sales ( |
|
7500 |
|
Mateshjwari Agrotech Private Limited, West |
|
7500 |
|
Total |
|
612530 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
11.31 |
|
Directors or relatives of Directors |
88.69 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company is engaged in the business of Manufacturing of Woodenplate and
trading of timber. |
|
|
|
|
Imports : |
|
|
Products : |
Timbers |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
|
Actual
Production |
|
Wooden Plates |
Sq.mtre |
|
|
954159.45 1.00 MM Basis |
|
Sawn Timber |
CBM |
|
|
1207.9978 |
GENERAL INFORMATION
|
Suppliers : |
·
Awadha Industries ·
Gayatri Roadways ·
Gayatri Veneers Private Limited ·
Kahar Trading Singapore Limited ·
Kamakhya Board Gandhidham ·
Minaxi Handling Agency ·
Panel Plus Company Limited ·
Patel Wood Products Private Limited ·
·
S G Trading Company ·
Shipra Veneers Private Limited ·
Wood Craft International Pte. Limited. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers, End Users and OEM’s ·
Ambica Plywood Industries ·
Amul Boards Private Limited, Gandhidham ·
Amulya Laminates ·
Arun Kumar and Sons ·
Diamand Timber Industries ·
Futura Door Products Private Limited ·
Green Gold Timber Private Limited ·
Greenply Industries Limited ·
Harsida Trading ·
Heritage Board Private Limited ·
H N G Float Classes Limited ·
Landmark Venners Private Limited, Gandhidham ·
Lucky Ply and Laminates |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Approximately 30 (Office 5, Factory 25) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M B Sorathia and Associates Chartered Accountant |
|
Address : |
3 |
|
Tel. No.: |
91-2836-2194/ 22347 |
|
|
|
|
Associates/Subsidiaries : |
Purbanchal
Veneers (Partnership Firm) (2001) Address: Survey No. 19/2, Village Varsana Taluka, Anjar District,
Kutch, Activity: Manufacturer of Veneers of Trader of Timbers |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
612530 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.125
Millions |
|
|
Share Premium |
|
Rs. 8.575
Millions |
|
|
Total |
|
Rs. 14.700 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 |
14.700 |
9.900 |
5.525 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.536 |
3.645 |
7.371 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19.236 |
13.545 |
12.896 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.522 |
0.542 |
3.919 |
|
|
2] Unsecured Loans |
11.175 |
12.876 |
6.641 |
|
|
TOTAL BORROWING |
16.697 |
13.418 |
10.560 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
35.933 |
26.963 |
23.456 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.834 |
1.811 |
1.792 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.414
|
1.990 |
0.958 |
|
|
Sundry Debtors |
72.344
|
69.472 |
68.723 |
|
|
Cash & Bank Balances |
6.408
|
6.606 |
11.341 |
|
|
Other Current Assets |
0.270
|
0.115 |
0.641 |
|
|
Loans & Advances |
2.020
|
1.371 |
1.289 |
|
Total
Current Assets |
87.456
|
79.554 |
82.952 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
52.197
|
51.655 |
60.077 |
|
|
Other Current Liabilities |
[0.248]
|
1.772 |
0.528 |
|
|
Provisions |
1.408
|
0.981 |
0.695 |
|
Total
Current Liabilities |
53.357
|
54.408 |
61.300 |
|
|
Net Current Assets |
34.099
|
25.146 |
21.652 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
35.933 |
26.963 |
23.456 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
174.153 |
151.071 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
177.609 |
174.153 |
151.071 |
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.891 |
0.649 |
0.699 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.45 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.50
|
0.37 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.64
|
5.00 |
5.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.46 |
1.35 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Creditors for Goods and Services |
52.197 |
51.655 |
60.077 |
|
Total |
52.197 |
51.655 |
60.077 |
Trade References:
·
Green Gold Timber Private
Limited, Gandhidham
·
Archies Plywood,
Uttaranchal
·
Amit Decorative Plywood
Private Limited, Haryana
·
Shri Balaji Folrest
Plywood Private Limited, Kolkata
Performance of the Company:
Financial Year: 2009-10
Turnover including other Receipts: Rs. 177.609
Millions
Net Profit after tax : Rs. 0.891 Million
Profit transferred to Reserve and Surplus :
Rs. 0.891 Million
Contingent Liabilities not provided for:
a)
Letter of Credit issued
by the bankers to the extent of Rs. 52.213 Millions
b)
Claims against the company
not acknowledged as debts – Nil
c)
Estimated amount of
contracts remaining to be executed and not provided for : Nil
Bankers Charges
Report as per Registry
|
Name of the company |
PURBANCHAL LUMBERS PRIVATE LIMITED |
|
Presented By |
Mr. Rakesh Agarwal |
|
1) Date and description of instrument creating the change |
1. Common Deed of Hypothecation of movables, assets, debts dated 25.09.2003 2. Continuity Letter Dated 25.09.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Adhoc Import Letter of Credit of Rs. 6.250 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 |
1. Hypothecation of stock in trade 2. Hypothecation of book debts and Receivables both present and future. 3. Continuing security (Equitable Mortgage) of |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per the sanction Letter dated 27.09.2003 Margin : 25% Commission : At Bank’s prescribed rate Tenor: Not to exceed 180 Days |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank, DBZ North 197, |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
Corporate
identity number of the company |
U01110GJ2000PTC038854 |
|
Name of the
company |
PURBANCHAL LUMBERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Goyal Avenue, Plot No. 318 Ward, Opposite LIC Office,
Gandhidham-370201, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
90102074 |
|
Type of charge |
|
|
Particular of
charge holder |
Corporation Bank, DBZ North 197, |
|
Nature of
instrument creating charge |
Supplemental
common deed of hypothecation Common Memorandum
of Agreement for Equitable Mortgage cum extension |
|
Date of
instrument Creating the charge |
15.10.2009 |
|
Amount secured by
the charge |
Rs. 83.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest On CC Limit of Rs.
8.000 Millions –12.25% p.a. (Floating) i.e. COBAR +25 BPS At Present subject
to revision from time to time Commission on
import LC: 75% on Bank’s prescribed rates. Terms of
Repayment CC- Running
amount repayable on demand subject to Annual Renewal / review. Import LC- DP/DA
(if DA, usance not exceeding 180 days) Margin On Cash Credit :
Stock : 30% Book Debts : 40% On Import LC: 10%
(by way of bank deposit) Extent and
Operation of the charge The charge shall operates
as first charge in favour of Corporation bank to secure the principal amount
together with interest, additional interest and all other moneys payable by
the company. |
|
Short particulars
of the property charged |
Hypothecation/
First charge on entire inventory, book debts, current assets, movable assets,
plant and machinery. Hypothecation/
First charge on the goods imported under LC opened by the bank. Equitable mortgage of all that admeasuring about
Acers 2-19 Gunthas, Situated at Sy. No. 19/1 Equitable
mortgage of all factory shed, building, labour quarters and other structures
etc constructed/ erected by Sy. No. 19/1 |
|
Particulars of
the present modification |
The amount
secured by the charge is enhanced from Rs. 66.000 Millions to Rs. 83.000
Millions Comprising Cash
Credit Rs. 8.000 Millions and Import LC Rs. 75.000 Millions. |
Fixed Assets:
·
Land
·
·
Plant and Machinery
·
Tools and Equipments
·
Water Equipments
·
Generator
·
Air Conditioner
·
Electric Installation
·
Refrigerator
·
Furniture and Fixture
·
Motor Car
·
Motor Cycle
·
Computer
·
Tractor
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.