MIRA
INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PROGRESSIVE METALS PRIVATE LIMITED |
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Registered Office
: |
23A, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.02.2008 |
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Com. Reg. No.: |
21-123204 |
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Capital Investment/
Paid-up Capital: |
Rs. 0.200
Million |
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CIN No.: [Company Identification
No.] |
U27100WB2008PTC123204 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALP09182F |
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PAN No.: [Permanent Account No.] |
AAFCP0640K |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Trader of Iron and Steel Products. |
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No. of
Employees: |
Approximately 25 |
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 |
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Maximum Credit Limit : |
USD 500 |
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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 has been takeover the running business of Progressive Steel
Corporation, a proprietory concern started in the year 1980. It is a company having moderate track. Trade relations are reported as
fair. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
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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 |
|
Off-credit |
D |
INFORMATION PARTED BY(GENERAL DETAILS)
|
Name : |
Mr. Uttam |
|
Designation : |
Marketing Manager |
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Contact No.: |
91-33-40078911 |
|
Date : |
29.06.2011 |
LOCATIONS
|
Registered Office : |
23A, |
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Tel. No.: |
91-33-40006902/ 40078918/ 40078911 |
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Fax No.: |
91-33-40050005 |
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E-Mail : |
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Area : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Vinod Poddar |
|
Designation : |
Director |
|
Address : |
23A |
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Date of Birth/Age : |
09.06.1955 |
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Date of Appointment : |
27.02.2008 |
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DIN No.: |
00576274 |
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Name : |
Mrs. Manju Poddar |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
11.12.1960 |
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Date of Appointment : |
27.02.2008 |
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DIN No.: |
00576320 |
KEY EXECUTIVES
|
Name : |
Mr. Uttam |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vinod Poddar |
|
10000 |
|
Manju Poddar |
|
10000 |
|
Total |
|
20000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Iron and Steel Products. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
Approximately 25 |
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Bankers : |
Standard Chartered Bank, SME Banking, 19 N. S Road,
Kolkata-700001, West |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Vineet Khetan and Associates Chartered Accountant |
|
Address : |
3B, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.200
Million |
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 |
0.200 |
0.200 |
0.200 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[0.082] |
[0.033] |
[0.003] |
|
|
NETWORTH |
0.118 |
0.167 |
0.197 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.030 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.030 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
0.148 |
0.167 |
0.197 |
|
|
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|
|
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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|
Cash & Bank Balances |
0.073
|
0.066 |
0.070 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
0.073
|
0.066 |
0.070 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
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|
Other Current Liabilities |
0.003
|
0.002 |
0.002 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
0.003
|
0.002 |
0.002 |
|
|
Net Current Assets |
0.070
|
0.064 |
0.068 |
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MISCELLANEOUS EXPENSES |
0.078 |
0.103 |
0.129 |
|
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|
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TOTAL |
0.148 |
0.167 |
0.197 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SALES |
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|
|
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Income |
0.000 |
0.000 |
0.000 |
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Other Income |
0.000 |
0.000 |
0.000 |
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|
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TOTAL (A) |
0.000 |
0.000 |
0.000 |
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|
|
|
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Less |
EXPENSES |
|
|
|
|
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Audit Fees |
0.003 |
0.003 |
0.000 |
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|
Fitting Fees |
0.002 |
0.001 |
0.000 |
|
|
|
General Expenses |
0.001 |
0.001 |
0.000 |
|
|
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Professional Expenses |
0.002 |
0.000 |
0.000 |
|
|
|
Rates and Taxes |
0.015 |
0.000 |
0.000 |
|
|
|
Preliminary Expenses written off |
0.025 |
0.025 |
0.000 |
|
|
|
Administrative Expenses |
0.000 |
0.000 |
0.003 |
|
|
|
TOTAL (B) |
0.048 |
0.030 |
0.003 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
[0.048] |
[0.030] |
[0.003] |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES/ BANK CHARGES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[0.048] |
[0.030] |
[0.003] |
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|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
[0.048] |
[0.030] |
[0.003] |
|
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|
|
|
|
|
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|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
[0.048] |
[0.030] |
[0.003] |
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|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[0.033] |
[0.003] |
0.000 |
|
|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
[0.081] |
[0.033] |
[0.003] |
|
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|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
[1.65] |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
[65.75]
|
[45.45] |
[4.29] |
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|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.41]
|
[0.18] |
[0.02] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.28
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
24.33
|
33.00 |
35.00 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U27100WB2008PTC123204 |
|
Name of the
company |
PROGRESSIVE METALS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
23A, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10231997 |
|
Type of charge |
Book Debts Movable Property Floating Charge Others |
|
Particular of
charge holder |
Standard Chartered Bank, SME Banking, 19 N. S Road,
Kolkata-700001, West |
|
Nature of
instrument creating charge |
Hypothecation
Agreement – Supplemental |
|
Date of
instrument Creating the charge |
23.05.2011 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Bare rate
(Current 9.25%) Plus 3.5% (Variable) on daily OD Balances. Terms of
Repayment OD Facility is
valid upto 18.05.2012 or payable on demand. Margin The borrower
shall maintain appropriate margin as stipulated in the sanction terms i.e. 25%
on stock and book-debts (up to 90 Days) less sundry creditors. Extent and
Operation of the charge The charged
security shall be a continuing security and by way of first charge. The company
hereby declare that all the charged assets now existing are absolute property
of and as the sole disposal of the company and free from any prior charge or
encumbrance and undertake that all the future property shall like wise be the
unencumbered an absolute and disposal property of the company. Others The charged
security shall be kept at the Co’s risk and expense in good conditions and
fully insured against loss or damage by fire, theft etc and also against
other loss or damages may be required by the Bank. The charged goods
and all sales realization and insurance proceeds thereof and all the
documents under this security shall be
held as bank’s exclusive property. Other terms are
as per sanction letter and hypothecation Agreement etc. |
|
Short particulars
of the property charged |
Company hereby
hypothecates by way of 1st charge:
|
|
Particulars of
the present modification |
By this present
modification overall limit secured by charge stands amended to Rs. 50.000
Millions as under:- -
Overall
facility of Rs. 40.000 Millions interchangeable between OD, Inland LC-1 and
BG-1 (BG-1 restricted to Rs. 15.000 Millions and Inland LC-1 Restricted to
Rs. 15.000 Millions) -
Facility
of Rs. 10.000 Millions interchangeable between Inland LC-2 and BG-2 |
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.44.72 |
|
|
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.69.79 |
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 |
NO |
|
--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.