MIRA
INFORM REPORT
|
Report Date : |
24.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRATHYUSHA POWER GEN PRIVATE LIMITED (w.e.f. 23.03.2007) |
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Formerly Known
As : |
PRATHYUSHA POWER PRIVATE LIMITED |
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Registered
Office : |
25-40-12, Pratyusha House, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.03.2002 |
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Com. Reg. No.: |
01-038615 |
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CIN No.: [Company Identification
No.] |
U40109AP2002PTC038615 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
VPNP00664G |
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PAN No.: [Permanent Account No.] |
AADCP1527F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of minining, shipping, infrastructure power plants. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 481696 |
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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
some accumulated losses recorded by the company. However. Trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 (GENERAL DETAILS)
|
Name : |
Ms. Chitra |
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Designation : |
Accounts Department |
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Date : |
21.01.2011 |
LOCATIONS
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Registered Office : |
25-40-12, Pratyusha House, |
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Tel. No.: |
91-891-2549788 / 2563663 |
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Fax No.: |
91-891-2549095 |
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E-Mail : |
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Factory : |
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Branch : |
No. 5, Archana Apartment5 No. 10, |
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DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Ganta Srinivasa Rao |
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Designation : |
Director |
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Address : |
Plot No. 231, Ground Floor, Sector 4, M V P Colony, |
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Date of Birth/Age : |
01.12.1960 |
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Date of Appointment : |
07.03.2002 |
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Name : |
Mr. Paruchuri Raja Rao |
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Designation : |
Director |
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Address : |
Plot No. 231, Ground Floor, Sector 4, M V P Colony, |
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Date of Birth/Age : |
01.07.1958 |
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Date of Appointment : |
07.03.2002 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Mr. Ganta Srnivada Rao |
|
2236800 |
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Mr. Paruchuri Raja Rao |
|
3690000 |
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Prathyusha Global Trade Private Limited, Andhra Pradesh |
|
1900000 |
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Prathyusha Associates Shipping Private Limited, Andhra Pradesh |
|
6000000 |
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Prathyusha Estates Private Limited, Tamilnadu |
|
2310000 |
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P. V. Bhaskar Rao |
|
339200 |
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P V Bhaskar Rao |
|
200000 |
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Total |
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16676000 |
AS ON 28.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
|
Bodies corporate |
61.23 |
|
Directors or relatives of Directors |
38.77 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of minining, shipping, infrastructure power plants. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
2009-10 |
2008-2009 |
|
Licensed Capacity pre annum |
MW |
87600 |
87600 |
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Installed capacity per annum |
MW |
87600 |
87600 |
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Actual Production |
MW |
36351 |
10534 |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
200 (In office – 30 In Factory -150 and In Branches 20)
(Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G. R. Kumar and Company Chartered Accountant |
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Address : |
9, Merry Life Partments, Doctors Colony, Pedawaltair, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
16,676,000 |
Equity Shares |
Rs.10/- each |
Rs.166.760 Millions |
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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 |
|
|
|
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1] Share Capital |
166.760 |
160.000 |
120.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
70.140 |
60.000 |
0.000 |
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|
4] (Accumulated Losses) |
(116.476) |
(116.165) |
(35.475) |
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NETWORTH |
120.424 |
103.835 |
84.525 |
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LOAN FUNDS |
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1] Secured Loans |
290.475 |
286.196 |
301.664 |
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2] Unsecured Loans |
120.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
410.475 |
286.196 |
301.664 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
530.899 |
390.031 |
386.189 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
458.369 |
471.156 |
489.052 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
43.887
|
16.673 |
12.282 |
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Sundry Debtors |
20.824
|
1.222 |
2.265 |
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Cash & Bank Balances |
45.962
|
5.175 |
10.564 |
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Other Current Assets |
5.979
|
8.834 |
3.543 |
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Loans & Advances |
22.288
|
3.987 |
1.162 |
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Total
Current Assets |
138.940
|
35.891 |
29.816 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
20.269 |
4.124 |
121.422 |
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Other Current Liabilities |
45.989
|
113.141 |
7.647 |
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Provisions |
3.029
|
2.986 |
7.170 |
|
Total
Current Liabilities |
69.287
|
120.251 |
136.239 |
|
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Net Current Assets |
69.653
|
(84.360) |
(106.423) |
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MISCELLANEOUS EXPENSES |
2.877 |
3.233 |
3.560 |
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TOTAL |
530.899 |
390.027 |
386.187 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
235.298 |
33.981 |
27.714 |
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Other Income |
18.829 |
0.007 |
0.318 |
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TOTAL (A) |
216.469 |
33.988 |
28.032 |
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Less |
EXPENSES |
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|
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Material Consumption |
90.269 |
21.062 |
13.458 |
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Salaries and Wages |
6.871 |
2.073 |
5.978 |
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Operating Expenses |
59.699 |
29.412 |
1.846 |
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Administrative and other Expenses |
3.649 |
4.173 |
13.856 |
|
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Preliminary Expenses Written Off |
0.356 |
0.356 |
0.395 |
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TOTAL (B) |
160.844 |
57.076 |
35.533 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
55.625 |
(23.088) |
(7.501) |
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Less |
FINANCIAL
EXPENSES (D) |
33.331 |
35.348 |
19.202 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22.294 |
(58.436) |
(26.703) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.604 |
22.252 |
8.772 |
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PROFIT BEFORE
TAX (E-F) (G) |
(0.310) |
(80.688) |
(35.475) |
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|
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Less |
TAX (I) |
0.000 |
0.032 |
0.000 |
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PROFIT AFTER TAX
(G-I) (J) |
(0.310) |
(80.720) |
(35.475) |
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Earnings Per
Share (Rs.) |
(0.01) |
(4.84) |
(2.12) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.14)
|
(237.49) |
(123.55) |
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Net Profit Margin (PBT/Sales) |
(%) |
(0.13)
|
(237.45) |
(128.00) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.05)
|
(15.91) |
(6.83) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.77) |
(0.41) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.98
|
3.91 |
5.18 |
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Current Ratio (Current Asset/Current Liability) |
|
2.00
|
1.24 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
20.269 |
4.124 |
121.422 |
|
|
|
|
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Total |
20.269 |
4.124 |
121.422 |
Working Results
and Progress :
The turnover of the company during the year was Rs. 216.469 millions and
loss was Rs. 0.311 millions as against Rs. 33.988 millions and Rs. 80.721
millions respectively of last year. The turnover of the company has shown good
growth during the year. The directors are pleased to inform that the sale of
power to third parties has increased an upward growth, and therefore directors
are confident of continues growth and sound financials in ensuring year.
TRADE REFERENCES :
- Tirumati
Mutumal Textile
- Shubham
Papers
Fixed Assets :
- Land
- Office
Equipments
- Furniture and
Fixtures
- Factory
Buildings
- Computers
- Vehicles
- Plant and
Machinery
Form : 8
|
Corporate
identity number of the company |
U40109AP2002PTC038615 |
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Name of the
company |
PRATHYUSHA POWER
GEN PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
25-40-12, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Any interest or
immovable property Book debts Movable property
(not being pledge) Floating charge Others |
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Particular of
charge holder |
State Bank of |
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Nature of
instrument creating charge |
1.Supplemental
agreement of hypothecation of goods and assets for increase in overall limit dated 23.03.2010 2.Supplemental
agreement of Loan for increase in overall limit dated 23.03.2010 3. Letter
regarding the grant of individual limits with in the overall limit dated
23.03.2010 4. Sanction
letter dated 20.03.2010 |
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Date of
instrument Creating the charge |
23/03/2010 |
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Amount secured by
the charge |
Rs. 65.700
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Cash Credit at SBAR
present effective rate is 11.75% p.a., with monthly rests. EPC- as
applicable. Terms of repayment : Cash credit/EPC
-repayable on demand/ renewable for every 12 months. Margin : Cash Credit:- Raw
materials, SIP and FG 25%; receivables ( maximum cover period for 90 days):- 25% EPC 10% Extent and operation of the charge : 1.Cash Credit is
Rs.15.700 millions 2.EPC 50.000
millions the security for
Credit facilities are governed by terms and conditions as contained in 1.Supplemental
agreement of hypothecation of goods and assets for increase in overall limit dated 23.03.2010 2.Supplemental
agreement of Loan for increase in overall limit dated 23.03.2010 3. Letter
regarding the grant of individual limits with in the overall limit dated
23.03.2010 4. Sanction
letter dated 20.03.2010 Other : Nil |
|||||||||||||||
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Short particulars
of the property charged (Including location of the property) |
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Date of
instrument modifying the charge |
06.02.2008 |
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Particulars of
the present modification |
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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. 45.70 |
|
|
1 |
Rs. 72.78 |
|
Euro |
1 |
Rs. 61.65 |
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 |
2 |
|
--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 |
NO |
|
--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.