MIRA
INFORM REPORT
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Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
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Name : |
PRIVILEGE INDUSTRIES LIMITED |
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Formerly Known
as: |
SANCHE INDUSTRIES LIMITED |
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Registered Office
: |
9-09, Dheeraj Arma, Anant Kanekar Marg, Bandra (East), Mumbai –
400051, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.07.1995 |
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Com. Reg. No.: |
090556 |
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Capital
Investment / Paid-up Capital : |
Rs.20.535 Millions |
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CIN No.: [Company Identification
No.] |
U15530MH1995PLC090556 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP21795E |
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PAN No.: [Permanent Account No.] |
AAECS6532N |
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Legal Form : |
A closely held public Limited Liability Company |
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Line of Business
: |
Manufacturer of Extra Neutral Alcohol (ENA). |
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No. of Employees
: |
129 (Approximately) |
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 3207996 |
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Status : |
Recently Commenced Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Thought the company was incorporated in the year 1995, the company has
started its commercial business activities recently in the year April, 2011.
Business is active. Payments terms are unknown. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Balkrishna |
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Designation : |
Accountant |
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Contact No.: |
91-22-26473030 |
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Date : |
23.07.2011 |
LOCATIONS
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Registered Office : |
9-09, Dheeraj Arma, Anant Kanekar Marg, Bandra (East), Mumbai –
400051, Maharashtra, India |
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Tel. No.: |
91-22-26473030/26583700 |
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Mobile No.: |
91-9004105557 (Mr. Balkrishna - Accountant) |
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Fax No.: |
91-22-26476030/26583737 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory: |
B-1, Lonel Industrial Area, Satara, Maharashtra, India |
DIRECTORS
AS ON 20.09.2010
|
Name : |
Mr. Sarang Rakesh Kumar Wadhawan |
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Designation : |
Director |
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Address : |
Wadhawan House Plot 32A, Union Park Road, No 5, Bendra West, Mumbai –
400050, Maharashtra, India |
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Date of Birth/Age : |
05.10.1976 |
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Date of Appointment : |
18.03.2005 |
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Name : |
Mr. Rakesh Kumar Kuldip Singh Wadhawan |
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Designation : |
Director |
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Address : |
Wadhawan House Plot 32A, Union Park Road, No 5, Bendra West, Mumbai –
400050, Maharashtra, India |
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Date of Birth/Age : |
14.10.1952 |
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Date of Appointment : |
28.03.2005 |
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Name : |
Mrs. Malti Rakesh Kumar Wadhawan |
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Designation : |
Director |
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Address : |
Wadhawan House Plot 32A, Union Park Road, No 5, Bendra West, Mumbai –
400050, Maharashtra, India |
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Date of Birth/Age : |
08.11.1954 |
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Date of Appointment : |
28.03.2005 |
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Name : |
Mr. Gaurav Sehgal |
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Designation : |
Additional Director |
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Address : |
Flat No54, Mount Unique, Pedar Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
10.09.1974 |
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Date of Appointment : |
24.09.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Balkrishna |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rakesh Kumar Kuldip Singh Wadhawan |
|
738149 |
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Sarang Rakesh Kumar Wadhawan |
|
1295983 |
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Damyanti Rani Kuldip Singh Wadhawan |
|
4850 |
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Malti Rakesh Kumar Wadhawan |
|
7224 |
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Anu Sarang Wadhawan |
|
7224 |
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Konooran Paulo Devassy |
|
60 |
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Venkatavarathan Narasinham Iyengar |
|
60 |
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Total |
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2053550 |
AS ON 20.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
99.99 |
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Other top fifty shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Extra Neutral Alcohol (ENA). |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
129 (Approximately) |
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Bankers : |
Bank of Baroda, Corporate Financial Services Branch, Mantri Court, 1st
Floor, 39, Ramabai Ambedkar Road, Pune - 411001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jayesh Thar and Company Chartered Accountant |
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Address : |
203, Capri, Anant Kanetkar Marg, Bandra (East), Mumbai – 400051,
Maharashtra, India |
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Subsidiaries : |
Privilege Breweries Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2053550 |
Equity Shares |
Rs.10/- each |
Rs.20.535
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2011-2012) : Rs.1210.000 Millions
The above information has been parted by Mr. Balkrishna (Accountant).
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 |
20.535 |
13.750 |
4.850 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
781.464 |
516.805 |
169.670 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
801.999 |
530.555 |
174.520 |
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LOAN FUNDS |
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1] Secured Loans |
901.367 |
0.000 |
0.000 |
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2] Unsecured Loans |
19.082 |
0.000 |
116.411 |
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TOTAL BORROWING |
920.449 |
0.000 |
116.411 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1722.448 |
530.555 |
290.931 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.618 |
14.529 |
13.240 |
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Capital work-in-progress |
1580.557 |
446.506 |
103.908 |
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INVESTMENT |
57.835 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.119 |
0.060 |
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 |
1.176
|
8.335 |
0.000 |
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Cash & Bank Balances |
2.748
|
3.841 |
0.929 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
186.002
|
123.712 |
175.648 |
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Total
Current Assets |
189.926
|
135.888 |
176.577 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
94.285
|
65.391 |
6.221 |
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Other Current Liabilities |
27.889
|
0.252 |
0.072 |
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Provisions |
0.433
|
0.785 |
0.025 |
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Total
Current Liabilities |
122.607
|
66.428 |
6.318 |
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Net Current Assets |
67.319
|
69.460 |
170.259 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
3.524 |
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TOTAL |
1722.448 |
530.555 |
290.931 |
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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 |
0.000 |
0.000 |
0.000 |
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Other Income |
1.950 |
4.764 |
0.333 |
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TOTAL (A) |
1.950 |
4.764 |
0.333 |
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Less |
EXPENSES |
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Administrative Expenses |
0.819 |
0.110 |
0.000 |
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Remuneration Auditor |
0.027 |
0.027 |
0.022 |
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Filling Fees Paid to the Registrar of Companies |
0.007 |
0.005 |
0.004 |
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Preliminary Expenses Written Off |
0.000 |
0.089 |
0.000 |
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Expenses of Increasing Authorised Share Capital Written Off |
0.000 |
3.435 |
0.000 |
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TOTAL (B) |
0.853 |
3.666 |
0.026 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.097 |
1.098 |
0.307 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.097 |
1.098 |
0.307 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.979 |
0.475 |
0.290 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.118 |
0.623 |
0.017 |
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Less |
TAX (I) |
0.046 |
0.595 |
0.004 |
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PROFIT AFTER TAX
(G-I) (J) |
0.072 |
0.028 |
0.013 |
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Less |
SHORT PROVISION
FOR TAXATION |
0.048 |
0.001 |
0.000 |
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Add |
MAT CREDIT
ENTITLEMENT |
0.000 |
0.008 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.055 |
0.020 |
0.007 |
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BALANCE CARRIED
TO THE B/S |
0.079 |
0.055 |
0.020 |
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Earnings Per
Share (Rs.) |
0.02 |
0.06 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.69
|
0.58 |
3.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.06
|
0.41 |
0.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
0.13 |
0.70 |
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Current Ratio (Current Asset/Current Liability) |
|
1.55
|
2.05 |
27.95 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for Goods and Services |
-- |
-- |
-- |
|
Total outstanding dues of Micro Enterprises and Small Enterprises |
-- |
-- |
-- |
|
Total outstanding dues of Creditors other than Micro Enterprises and
Small Enterprises |
94.285
|
65.391 |
6.221 |
TRADE REFERENCES:
Praj Industries
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 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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
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 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--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.