MIRA
INFORM REPORT
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Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRADEEP INDUSTRIAL PACKERS PRIVATE LIMITED |
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Registered Office : |
No. A/ 16, Peenya Industrial Estate, 2nd Stage, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.12.1984 |
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Com. Reg. No.: |
08-6590 |
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CIN No.: [Company
Identification No.] |
U74950KA1984PTC006590 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP01413G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer of Hope Woven sacks / Fabrics / Filament |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 120000 |
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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. Profitability
of the company appears to be low. 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
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Name : |
Mr. Murli M Saraf |
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Designation : |
Director |
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Contact No.: |
91-80-22955174 |
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Date : |
27.01.2011 |
LOCATIONS
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Registered Office/ Factory : |
No. A/ 16, Peenya Industrial Estate, 2nd Stage, |
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Tel. No.: |
91-80-22955174 |
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Fax No.: |
91-80-22273573 |
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E-Mail : |
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Web Site : |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
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DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Murli Manohar Saraf |
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Designation : |
Director |
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Address : |
938, 2nd Floor, 2nd Cross, 3rd Main,
Vijayanagar, |
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Date of Birth/Age : |
04.12.1958 |
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Date of Appointment : |
28.01.1985 |
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Name : |
Mr. Karan Ramsisaria |
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Designation : |
Director |
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Address : |
37/ 12-1, Archana Complex, 4th Cross, |
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Date of Birth/Age : |
02.04.1990 |
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Date of Appointment : |
22.06.2009 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ram Awtar Ramsisaria |
|
2497 |
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Mrurli Manohar Saraf |
|
29860 |
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Suresh Kumar Ramsisaria |
|
91 |
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Chandra Prakash Ramsisaria |
|
301 |
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M.M. Saraf (HUF) |
|
5001 |
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Murari Lal Dhandaniya |
|
500 |
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Piyush Saraf |
|
2700 |
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Ankish Saraf |
|
2000 |
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Santosh Saraf |
|
11350 |
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Munni Saraf |
|
1000 |
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Saraswati Devi Saraf |
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23600 |
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Meenakshi Saraf |
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25100 |
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Jyothi Kumari Tibrewal |
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15000 |
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Pushpa Tibrewal |
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10000 |
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Virebdra Saraf |
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10000 |
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Manita Saraf |
|
10000 |
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Ajay Singh |
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10000 |
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Radhakrishna Leuka |
|
10000 |
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Bhawarlal Sharma |
|
10000 |
|
Saraf Fintrade Private Limited, |
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10000 |
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L.S. Rajendra |
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5000 |
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Karan Ramsusaria |
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10000 |
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Urmila Kumari |
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5000 |
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Total |
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209000 |
As on : 30.09.2010
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Category |
Percentage |
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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 |
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Bodies corporate |
5.00 |
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Directors or relatives of Directors |
54.00 |
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Other top fifty shareholders |
41.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer of Hope Woven sacks / Fabrics / Filament |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
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Installed Capacity |
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Monofilament Yarn |
Kgs. |
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12,00,000.00 |
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Knitted Fabrics |
Mtrs. |
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Nil |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nitu Saraf Chartered Accountants |
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Address : |
37/12-1, Archana Complex, 4th Cross, Lalbhag Road, |
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CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2,25,000 |
Equity Shares |
Rs.100/- each |
Rs.22.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2,09,000 |
Equity Shares |
Rs.100/-
each |
Rs.20.900
millions |
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(Out of the above 3103 shares of Rs.100/- each were allotted for
consideration received other than in cash)
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.900 |
20.900 |
20.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.294 |
10.273 |
9.323 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.194 |
31.173 |
30.223 |
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LOAN FUNDS |
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1] Secured Loans |
0.207 |
9.387 |
11.865 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.587 |
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TOTAL BORROWING |
0.207 |
9.387 |
12.452 |
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DEFERRED TAX LIABILITIES |
0.167 |
0.192 |
0.187 |
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TOTAL |
32.568 |
40.752 |
42.862 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.296 |
3.800 |
4.432 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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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 |
28.888 |
31.287
|
42.826
|
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Sundry Debtors |
48.961 |
38.084
|
24.059
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Cash & Bank Balances |
16.560 |
28.358
|
34.742
|
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Other Current Assets |
0.000 |
0.000
|
0.000
|
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Loans & Advances |
3.994 |
5.435
|
5.993
|
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Total
Current Assets |
98.403 |
103.164 |
107.620
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.004 |
0.061
|
0.558
|
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Sundry Creditors |
69.130 |
65.009 |
66.675 |
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Provisions |
0.000 |
1.145
|
1.963
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Total
Current Liabilities |
69.134 |
66.215 |
69.196
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Net Current Assets |
29.269 |
36.949 |
38.424
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
32.568 |
40.752 |
42.862 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
364.008 |
285.178 |
349.595 |
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Other Income |
5.917 |
5.833 |
4.120 |
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TOTAL |
369.925 |
291.011 |
353.715 |
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Less |
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Office Expenses |
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Administrative Expenses |
367.886 |
288.855 |
350.988 |
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Advertising Expenses |
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TOTAL |
367.886 |
288.855 |
350.988 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.039 |
2.156 |
2.727 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
0.537 |
0.679 |
0.692 |
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PROFIT BEFORE
TAX (E-F) |
1.502 |
1.477 |
2.035 |
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Less |
TAX |
0.481 |
0.526 |
0.703 |
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PROFIT AFTER TAX
(G-I) |
1.021 |
0.951 |
1.332 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.909 |
5.958 |
4.626 |
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BALANCE CARRIED
TO THE B/S |
7.930 |
6.909 |
5.958 |
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IMPORTS |
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CIF Value of Imports |
137.764 |
55.505 |
180.270 |
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TOTAL IMPORTS |
137.764 |
55.505 |
180.270 |
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Earnings Per
Share (Rs.) |
4.88 |
4.55 |
6.37 |
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Expected Sales (2010-2011) : Rs. 500.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.27
|
0.32 |
0.38
|
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Net Profit Margin (PBT/Sales) |
(%) |
0.41
|
0.51 |
0.58
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.47
|
1.38 |
1.82
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.04 |
0.07
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.15
|
2.42 |
2.70
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.55 |
1.56
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
In Millions )
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for goods |
68.920 |
64.259 |
65.415 |
|
Sundry Creditors for expenses |
0.210 |
0.750 |
1.260 |
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|
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Total |
69.130 |
65.009 |
66.675 |
FORM : 8
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Corporate
identity number of the company |
U74950KA1984PTC006590 |
|
Name of the
company |
PRADEEP INDUSTRIAL PACKERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. A/ 16, Peenya Industrial Estate, 2nd Stage, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
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Particular of
charge holder |
State Bank of
India, Commercial Branch, Rajajinagar Industrial Estate, Rajajinagar,
Bangalore- 560044, Karnataka, India |
|
Nature of
instrument creating charge |
SME-4: Agreement
of Loan cum hypothecation, Letter of
Arrangement. |
|
Date of
instrument Creating the charge |
13/10/2010 |
|
Amount secured by
the charge |
Rs. 80.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : CC: 6.50% Above
base rate rising and falling therewith on daily products with monthly rests. CC (Channel
Financing): 1.00 % above SBAR. Terms of repayment : Repayable on
demand. Margin : CC : 25% (Stock
& Receivable), CC (Channel
Financing): 25% (Receivables). BG : 10% LC : 10% Extent and operation of the charge : Hypothecation of
stocks, receivables and other Currents Assets, hypothecation of existing
machinery, furniture, fixtures and other equipment and EM of Land
and Building belonging to the company
at A16, 2nd phase, peenya Industrial Area, Bangalore - 58 to the of Rs 80.000
millions (CC:10.000 millions, BG:0.500 millions, and LC:19.500 millions and
for Channel Financing CC: 30.000 millions and BG: 20.000 millions ) Other : Personal
Guarantee of 1) Sri Chandra
Prakash Ramsisaria 2) Sri Murli
Manohar Saraf 3) Sri Karan
Ramsisaria 4) Sri Suresh
Kumar Ramsisaria. |
|
Short particulars
of the property charged (Including location of the property) |
1. Property situated at A16, 2nd Phase,
Peenya Industrial Area, |
|
Particulars of
the present modification |
Total Limits reduced
from Rs. 85.000 millions to Rs. 80.000 millions. |
OPERATIONS,
TURNOVER AND PROFIT
For the year the Company total turnover is
Rs.364.009 millions as compared to Rs.285.178 millions in the previous year, the
Company’s Net Profit for the year is Rs.1.021 millions as compared to Rs.0.951
million in the previous year.
FIXED ASSETS:
- Goodwill
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- 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. 45.57 |
|
|
1 |
Rs. 72.50 |
|
Euro |
1 |
Rs. 62.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
3 |
|
--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 |
|
28 |
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.