MIRA
INFORM REPORT
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Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
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Name : |
PRAKASHINI HOLDING PRIVATE LIMITED |
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Registered
Office : |
40A, 2nd Phase, IDA, Peenya, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.09.2003 |
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Com. Reg. No.: |
08 – 32592 |
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Capital
Investment / Paid-up Capital : |
Rs.2.678
Millions |
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CIN No.: [Company Identification
No.] |
U67120KA2003PTC032592 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP18083C |
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PAN No.: [Permanent Account No.] |
AABCP6680R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Steel Scraps |
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No. of Employees
: |
More than 60 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 61000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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. Tapendra Narendra Singh |
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Designation : |
Director |
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Contact No.: |
91-9820324584 |
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Date : |
06.07.2011 |
LOCATIONS
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Registered Office : |
40A, 2nd Phase, IDA, Peenya, |
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Mobile No.: |
91-9820324584 (Mr. Tapendra Narendra Singh) |
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E-Mail : |
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Corporate Office : |
B.P.T. Plot No.52, |
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Tel. No.: |
91-22-23700032 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Meelendra Deependra Singh |
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Designation : |
Director |
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Address : |
503, |
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Date of Birth/Age : |
09.05.1988 |
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Date of Appointment : |
16.06.2008 |
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Name : |
Mr. Tapendra Narendra Singh |
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Designation : |
Director |
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Address : |
503, Pushpa Kunj, |
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Date of Birth/Age : |
06.10.1967 |
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Date of Appointment : |
26.10.1992 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Deependra Narendra Singh |
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2600 |
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Tapendra Narendra Singh |
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135200 |
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Meelendra Deependra Singh |
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130000 |
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Total |
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267800 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Steel Scraps |
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Products : |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
More than 60 (Approximately) |
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Bankers : |
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jagdish H. Gujarathi Chartered Accountant |
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Address : |
B/104, Labh Ashish, |
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Tel. No.: |
91-22-26832557 |
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E-Mail : |
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Pan No.: |
AAFPG1882R |
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Qualification : |
M.Com and F.C.A |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
267800 |
Equity Shares |
Rs.10/- each |
Rs.2.678
Millions |
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 |
2.678 |
0.103 |
0.103 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.688 |
12.325 |
8.066 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.366 |
12.428 |
8.169 |
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LOAN FUNDS |
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1] Secured Loans |
53.307 |
38.300 |
25.376 |
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2] Unsecured Loans |
6.808 |
8.207 |
8.112 |
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TOTAL BORROWING |
60.115 |
46.507 |
33.488 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
75.481 |
58.935 |
41.657 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.241 |
2.943 |
2.779 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.651 |
1.651 |
1.548 |
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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 |
25.541
|
15.307
|
6.704
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Sundry Debtors |
45.762
|
39.501
|
37.022
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Cash & Bank Balances |
1.760
|
0.901
|
0.708
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
21.486
|
12.718
|
7.635
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Total
Current Assets |
94.549
|
68.427
|
52.069
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.443
|
10.371 |
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Other Current Liabilities |
2.310
|
0.499
|
15.094
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Provisions |
4.447
|
3.513
|
0.000
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Total
Current Liabilities |
24.200
|
14.383
|
15.094
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Net Current Assets |
70.349
|
54.044
|
36.975
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MISCELLANEOUS EXPENSES |
0.240 |
0.297 |
0.355 |
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TOTAL |
75.481 |
58.934 |
41.657 |
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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 |
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Other Income |
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TOTAL |
233.084 |
187.788 |
173.589 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
228.996 |
181.507 |
167.792 |
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Advertising Expenses |
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TOTAL |
228.996 |
181.507 |
167.792 |
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PROFIT BEFORE
TAX |
4.088 |
6.281 |
5.797 |
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Less |
TAX |
1.150 |
2.023 |
3.388 |
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PROFIT AFTER TAX
|
2.938 |
4.258 |
2.409 |
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Earnings Per
Share (Rs.) |
10.97 |
1196.54 |
2751.00 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
260.000 |
Expected Sales (2011-12) : Rs.340.000 Millions
The above information has been parted by Mr. Tapendra Narendra Singh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.26
|
2.27 |
1.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.18
|
8.80 |
10.57 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.51 |
0.71 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.49
|
4.90 |
5.95 |
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Current Ratio (Current Asset/Current Liability) |
|
3.91
|
4.76 |
3.45 |
LOCAL AGENCY FURTHER INFORMATION
Project Activity:
Their substantial reduction in net profit due to increase in interest
cost and arrears of rent paid to
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10180750 |
|
Corporate
identity number of the company |
U67120KA2003PTC032592 |
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Name of the
company |
PRAKASHINI HOLDING
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
40A, 2nd Phase, IDA, Peenya, |
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Type of charge |
Book Debts Movable Property (not
being pledge) Floating Charge |
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Particular of
charge holder |
Union Bank of |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Composite
Hypothecation Deed (SD-20) |
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Date of
instrument Creating the charge |
03.02.2011 |
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Amount secured by
the charge |
Rs.101.435
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base rate+4% on
Cash credit, 2% ODR on Term Loan-ILRD and BPLR+2% on Term Loan. Terms of
Repayment Cash credit limit
is repayable on demand. Term loans are
repayable as per the repayment schedules fixed at the time of their sanction. Margin 25%. Extent and
Operation of the charge Charge operates
as security for due repayment of outstandings together with interest, cost, charges
etc under the aggregate limit of Rs. 101.435 millions sanctioned by the bank
comprising of Cash credit Rs. 80.000 millions , NFB Import LC Rs. 20.000
millions , Term Loan-ILRD Rs. 1.045 millions
and Term Loan Rs. 0.390 millions . |
|
Short particulars
of the property charged |
I)
All
tangible movable machineries, plant, fixtures, fittings, other installations,
cranes, furniture, computers & other accessories etc lying at 40-A, II
Phase, I.D.A, Peenya, Bangalore, Hyderabad etc. II)
Raw
materials, work in progress, semi finished and finished goods such as stock
of iron and steel scrap. III)
Book
debts, outstanding monies, receivables, claims, bills, contracts etc. |
|
Date of latest
modification prior to the present modification |
27.11.2009 |
|
Particulars of the
present modification |
Amount of charge
increased from the present Rs. 50.000 millions to Rs. 101.435 millions
comprising of Cash Credit Rs. 80.000 millions , NFB Import LC Rs. 20.000
millions , Term Loan-ILRD Rs. 1.045 millions
and Term Loan Rs. 0.390 millions .
Interest revised to Base rate+4% on Cash credit. |
FIXED ASSETS:
- Car Santro
- Car-Wagnor
- Computer
- Furniture
- Lorry
- Plant and
Machinery
- Tavera MH-06
AF 5892
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.44.38 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.