MIRA
INFORM REPORT
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Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRAGYA EQUIPMENT PRIVATE LIMITED |
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Registered
Office : |
110, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
24.11.1997 |
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Com. Reg. No.: |
10-012469 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.295
Millions |
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CIN No.: [Company Identification
No.] |
U34102MP1997PTC012469 |
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IEC No.: |
1101003677 |
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PAN No.: [Permanent Account No.] |
AABCP0492P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Steel Plant Machinery. |
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No. of Employees
: |
More than 200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 52000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. The
management has not field the latest financial of the company with the government
departments. However, trade relations are reported as fair. Business is
active. Payments terms are unknown. 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) |
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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
|
Name : |
Mr. Deepak |
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Designation : |
Marketing Executive |
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Date : |
04.07.2011 |
LOCATIONS
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Registered Office : |
110, |
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Tel. No.: |
91-731-2430399/ 3071779 |
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Fax No.: |
91-731-2430402 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Plot No. 178-A. Sector. 1. Pithampur, District – Dhar-454775, |
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Tel. No.: |
91-7292-253768 |
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Fax No.: |
91-7292-253769 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
Plot No. 147. Sector -1. Pithampur, District – Dhar-454775, |
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Tel. No.: |
91-7292-243181 |
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Fax No.: |
91-7292-253769 |
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E-Mail : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Laxmichand Tolani |
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Designation : |
Managing Director and CEO |
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Address : |
62, Usha Nagar Exten. Indore-452009, Madhya Pradesh. |
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Date of Birth/Age : |
01.07.1956 |
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Qualification : |
BE – Mech., FIE |
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Date of Appointment : |
24.11.1997 |
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Mobile No : |
91 – 9229224410 / 9826047777 |
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Name : |
Mr. Arjundas Tolani |
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Designation : |
Director |
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Address : |
Shastri Ward, Sindhi Colony, Sohagpur, |
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Date of Birth/Age : |
17.07.1951 |
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Date of Appointment : |
04.05.2000 |
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Date of Ceasing: |
10.09.2008 |
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Name : |
Ms. Kriti L. Gureja |
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Designation : |
Director |
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Address : |
302, MID |
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Date of Birth/Age : |
31.01.1983 |
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Date of Appointment : |
08.08.2008 |
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Mobile No : |
91 – 9300074477 |
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E-Mail : |
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Name : |
Mr. Hitesh L. Tolani |
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Designation : |
Director |
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Address : |
62, Usha Nagar Exten. Indore-452009, |
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Date of Birth/Age : |
28.08.1989 |
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Date of Appointment : |
08.08.2008 |
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Name : |
Mr. Sewak Ram Asrani |
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Designation : |
Director |
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Address : |
15, Madhav Nagar, Katni, Indore-483507, |
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Date of Birth/Age : |
01.05.1957 |
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Date of Appointment : |
08.11.2010 |
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Name : |
Mr. Roshan Asrani |
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Designation : |
Director |
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Address : |
Hospital Line, Katni, Indore-483507, |
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Date of Birth/Age : |
04.01.1990 |
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Date of Appointment : |
08.11.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak |
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Designation : |
Marketing Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
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L.C. Tolani |
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158300 |
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D.K. Jethani |
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7200 |
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P.K. Pastria |
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7200 |
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Vijay Jethani |
|
6200 |
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Meena Tolani |
|
300 |
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S. P. Mordia |
|
1800 |
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Gangadevi Talrej |
|
1000 |
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Jamuna Asrani |
|
1000 |
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Sanjay Gureja |
|
1000 |
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Saraswati Tolani |
|
1000 |
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Arjundas Tolani |
|
1000 |
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Nitin Tikalkar |
|
1160 |
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Shehzad Khan |
|
100 |
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Sneha Shah |
|
100 |
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Rajan Mishra |
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4100 |
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Mehmood Ahmed |
|
1260 |
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Sevakram Asrani |
|
3000 |
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Prem Kumar Verm |
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1160 |
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Hiranand Tolani |
|
3000 |
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R. Kumar |
|
1460 |
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Ram Sharma |
|
2600 |
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GSR Sarma |
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3000 |
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Manish Choudhary |
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90 |
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Sangita Choudha |
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10 |
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Kriti Gureja |
|
13000 |
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Hitesh Tolani |
|
9500 |
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Total |
|
229540 |
List of Allottee:
As on 26.03.2011
|
Names of Shareholders |
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No. of Shares |
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L.C. Tolani |
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210100 |
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Meena Tolani |
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25000 |
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Shehzad Khan |
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30000 |
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Meera Gureja |
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30000 |
|
Mehmood Ahmed |
|
10000 |
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Sevakram Asrani |
|
55000 |
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GSR Sharma |
|
100 |
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Total |
|
360200 |
As on 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
83.69 |
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Other
top fifty shareholders |
|
16.31 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Steel Plant Machinery. |
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Exports : |
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Products : |
Steel Plant Machinery |
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Countries : |
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Terms : |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
Others |
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No. of Employees : |
More than 200 (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 : |
Arora Banthia and Tulsiyan Chartered Accountant |
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Address : |
6th Floor, |
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Tel. No.: |
91-731-2534318-19 |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
229540 |
Equity Shares |
Rs.10/- each |
Rs.2.295
Millions |
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
589740 |
Equity Shares |
Rs.10/- each |
Rs.5.897
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
2.295 |
2.295 |
2.295 |
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2] Share Application Money |
4.102 |
4.102 |
1.102 |
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3] Reserves & Surplus |
6.498 |
5.564 |
4.516 |
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4] (Accumulated Losses) |
0.320 |
0.341 |
0.362 |
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NETWORTH |
13.215 |
12.302 |
8.275 |
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LOAN FUNDS |
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1] Secured Loans |
35.823 |
20.914 |
19.166 |
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2] Unsecured Loans |
12.434 |
13.715 |
15.724 |
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TOTAL BORROWING |
48.257 |
34.628 |
34.889 |
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DEFERRED TAX LIABILITIES |
1.563 |
1.450 |
1.503 |
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TOTAL |
63.035 |
48.380 |
44.667 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.875 |
11.793 |
10.984 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.050 |
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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 |
60.520
|
56.091 |
36.652 |
|
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Sundry Debtors |
15.925
|
17.995 |
9.718 |
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Cash & Bank Balances |
1.554
|
1.013 |
6.140 |
|
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Other Current Assets |
2.019
|
2.793 |
1.105 |
|
|
Loans & Advances |
5.144
|
14.752 |
5.281 |
|
Total
Current Assets |
85.162
|
92.644 |
58.896 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.743
|
35.366 |
13.844 |
|
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Other Current Liabilities |
18.679
|
20.221 |
10.897 |
|
|
Provisions |
0.630
|
0.520 |
0.522 |
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Total
Current Liabilities |
33.052
|
56.107 |
25.263 |
|
|
Net Current Assets |
52.110
|
36.537 |
33.633 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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|
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TOTAL |
63.035 |
48.380 |
44.667 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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|
|
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|
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Income |
70.363 |
55.089 |
63.719 |
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|
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Other Income |
0.743 |
1.204 |
0.323 |
|
|
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TOTAL (A) |
71.106 |
56.293 |
64.042 |
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
Materials |
56.166 |
41.815 |
51.890 |
|
|
|
Manufacturing Expenses |
2.076 |
3.392 |
2.503 |
|
|
|
Administrative Expenses & other expenses |
6.220 |
5.357 |
5.057 |
|
|
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TOTAL (B) |
64.462 |
50.564 |
59.450 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.644 |
5.729 |
4.592 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
3.903 |
3.326 |
2.325 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.741 |
2.403 |
2.267 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.932 |
0.889 |
0.763 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.809 |
1.514 |
1.504 |
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|
Less |
TAX (H) |
0.875 |
0.465 |
0.506 |
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PROFIT AFTER TAX
(G-H) (I) |
0.934 |
1.049 |
0.998 |
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EARNINGS IN
FOREIGN CURRENCY |
2.788 |
6.373 |
NA |
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|
Earnings Per
Share (Rs.) |
4.07 |
4.57 |
NA |
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Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
120.000 |
80.000 |
The above information has been parted by Mr. Deepak.
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.31 |
1.86 |
1.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.57 |
2.74 |
2.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.88 |
1.44 |
2.15 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.12 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.15 |
7.37 |
7.27 |
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Current Ratio (Current Asset/Current Liability) |
|
2.57 |
1.65 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10243829 |
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Corporate
identity number of the company |
U34102MP1997PTC012469 |
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Name of the
company |
PRAGYA EQUIPMENTS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
110, |
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Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property |
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Particular of
charge holder |
IDBI Bank Limited,
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Email |
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Nature of
description of the instrument creating or modifying the charge |
1. Supplemental Loan
Agreement 2. Attendance
Memo |
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Date of
instrument Creating the charge |
19.03.2011 |
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Amount secured by
the charge |
Rs.39.200
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest C.C Limit and
Term Loan: At applicable Bank Base Rate (BBR) plus spread of 4% with monthly
rests. LC/ BG Limit : As
per Bank Terms of
Repayment C.C. Limit :
Payable at Demand Term Loan:
Repayable in 24 equal monthly installments starting from next month of
disbursement. Interest to be served separately as and when levied. Margin Stocks : 25% Book Debts (upto
120 days) : 25% LC/ BG : 25% Cash
Margin in the form of FD Extent and
Operation of the charge 1st Hypothecation
charge on entire Current Assets situated at Plot No. 178/A, Sector I,
Pithampur. 1st Hypothecation
charge on Fixed Assets situated at Plot No. 178/A, Sector I, Pithampur. 1st Equitable
Mortgage charge of immovable properties situated at Plot No. 178/A, Sector I,
Pithampur. Others BG limit enhanced
from Rs. 5.000 millions to Rs. 10.000 millions. Other terms and
conditions are as per letter of sanction. |
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Short particulars
of the property charged |
I)
Hypothecation
of entire current assets of the Company including Stock, Book Debts etc. II)
Hypothecation
of movable fixed assets of the Company situated at Plot No. 178/A, Sector -I,
Pithampur. III)
Equitable
Mortgage of Factory land and building
at Plot No. 178/A, Sector -I, Pithampur, |
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|
Particulars of
the present modification |
Charge is
extended to cover the enhancement in
BG limit from Rs. 5.000 millions to Rs. 10.000 millions. Now, the total
charge of Rs.39.200 millions covers:
|
Fixed Assets:
- Land
- Plant and
Machinery
- Office
Equipment
- Computer
- Electrical
Installation
- Motor Cycle
- Car
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] 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.44.45 |
|
|
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.