MIRA
INFORM REPORT
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Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
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Name : |
PRIYANKA COMMUNICATIONS INDIA PRIVATE LIMITED (w.e.f. 26.03.2004) |
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Formerly Known As : |
MANISH ENGINEERING CONSTRUCTIONS PRIVATE LIMITED |
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Registered Office : |
143, Oshiwara Industrial Centre, Opposite Oshiwara, Bus Depot, New
Link Road, Goregaon West, Mumbai-400104, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.03.2004 |
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Com. Reg. No.: |
11-92649 |
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Capital Investment / Paid-up Capital : |
Rs.10.100 Millions |
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CIN No.: [Company
Identification No.] |
U45200MH2004PTC092649 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM14654D / MUMP19174B |
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PAN No.: [Permanent
Account No.] |
AABCM4898C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The Company is engaged in Marketing of Mobile Handsets |
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No. of Employees : |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 265000 |
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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 an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for 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.
INFORMATION DECLINED BY
Management is Non Co-operative
LOCATIONS
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Registered Office : |
143, Oshiwara Industrial Centre, Opposite Oshiwara, Bus Depot, New
Link Road, Goregaon West, Mumbai-400104, Maharashtra, India |
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Tel. No. : |
91-22-56780500 |
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E-Mail : |
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Area : |
Owned |
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Corporate Office : |
S-4, Woodrose Building, Lokhandwala Complex, Opposite Oshiwara, New
Link Road, Andheri, Mumbai-400104, Maharashtra, India |
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Tel. No.: |
91-22-66780500 |
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Fax No.: |
91-22-66780594 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Manish Agarwal |
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Designation : |
Managing Director |
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Address : |
1101/1A, Green Acres, Lokhandwala Complex, Andheri (West), Mumbai –
400053, |
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Date of Birth/Age : |
14.10.1971 |
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Date of Appointment : |
26.03.2004 |
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DIN No. : |
00002865 |
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Name : |
Mr. Mahesh Chandra Agarwal |
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Designation : |
Director |
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Address : |
1101/1A, Green Acres, Lokhandwala Complex, Andheri (West), Mumbai –
400053, |
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Date of Birth/Age : |
19.01.1945 |
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Date of Appointment : |
26.03.2004 |
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DIN No. : |
00002868 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Manish Chandra Agarwal |
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52980 |
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Ms. Meera Agarwal |
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18010 |
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Mr. Manish Agarwal |
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30010 |
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Total |
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101000 |
Equity Share Breakup as on
30.09.2010
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in Marketing of Mobile Handsets |
GENERAL INFORMATION
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No. of Employees : |
100 (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 : |
M.M. Agarwal and Company Chartered Accountant |
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Address : |
2, Jagannath Puri, Mathura-281001, |
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Associates /
Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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101000 |
Equity Shares (Of the Above, no Shares have been allotted
for a consideration, other than cash) |
Rs. 100/-
each |
Rs.10.100 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
10.100 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.273 |
55.878 |
50.145 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
66.373 |
65.878 |
60.145 |
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LOAN FUNDS |
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1] Secured Loans |
87.476 |
120.462 |
75.733 |
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2] Unsecured Loans |
0.001 |
0.000 |
29.758 |
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TOTAL BORROWING |
87.477 |
120.462 |
105.491 |
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DEFERRED TAX LIABILITIES |
3.648 |
3.472 |
2.863 |
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TOTAL |
157.498 |
189.812 |
168.499 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.856 |
48.273 |
48.187 |
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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 |
50.616
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94.506
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73.967
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Sundry Debtors |
53.702
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41.421
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47.031
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Cash & Bank Balances |
0.240
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2.398
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0.406
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Other Current Assets |
0.088
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0.000
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0.000
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Loans & Advances |
5.211
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3.644
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1.787
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Total
Current Assets |
109.857
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141.969
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123.191 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.082
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0.217
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1.673
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Other Current Liabilities |
0.133
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0.141
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0.974
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Provisions |
0.000
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0.072
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0.232
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Total
Current Liabilities |
0.215
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0.430
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2.879
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Net Current Assets |
109.642
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141.539
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120.312
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
157.498 |
189.812 |
168.499 |
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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 |
1163.423 |
2337.742 |
2747.327 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
1162.851 |
2329.523 |
2721.764 |
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PROFIT BEFORE
TAX |
0.572 |
8.219 |
25.563 |
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Less |
TAX |
0.177 |
2.487 |
9.170 |
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PROFIT AFTER TAX
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0.395 |
5.732 |
16.393 |
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Earnings Per
Share (Rs.) |
0.40 |
5.73 |
-- |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.03 |
0.25 |
0.59
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.36 |
4.32 |
14.92
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.12 |
0.43
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Debt Equity Ratio (Total Liability/Networth) |
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1.32 |
1.80 |
1.80
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Current Ratio (Current Asset/Current Liability) |
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510.96 |
330.16 |
42.79
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LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
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Particulars |
31.03.2010 Rs. In Millions |
31.03.2009 Rs. In Millions |
31.03.2008 Rs. In Millions |
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Sundry Creditors |
0.082 |
0.217 |
1.673 |
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FINANCIAL RESULTS:
There is significant fall in the turnover of the company as a result of which there is considerable fall in net profit for the period. Economic slow down has hit the company. The directors however, hope that with changing economic environment, the company would regain its market.
Operations:
There has been significant fall in the turnover of the company. Profit
for the year have declined correspondingly. The company is looking for
divergent market and hopes to regain the turnover in coming period. Company has
taken steps to cut costs also. Looking to the scope for the products of the
company in market, Directors hope that the company would be able to post
sustained growth in coming period.
CHANGE OF ADDRESS:
The Registered Address of the company has been shifted from
S – 4,
form 8:-
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Corporate
identity number of the company |
U45200MH2004PTC092649 |
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Name of the
company |
PRIYANKA COMMUNICATIONS INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
143, Oshiwara Industrial Centre, Opposite Oshiwara, Bus Depot, New
Link Road, Goregaon West, Mumbai-400104, Maharashtra, India |
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This form is for |
Modification
of charge |
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Charge
identification (ID) number of the charge to be modified |
10080865 |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Kotak Mahindra Finance Limited, 36-38A, Nariman Bhavan, 227, D.
Nariman Point, Mumbai-400021, |
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Nature of
instrument creating charge |
Memorandum of
Entry for Mortgage by Constructive Delivery of Title Deeds. |
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Date of instrument
Creating the charge |
11.05.2011 |
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Amount secured by
the charge |
Rs.426.175
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: CC / SPG / WCTL
III/IV/V / TL - Floating over the tenure of the facility. The ROI has been
arrived at on the basis of the Bank's Benchmark PLR. WCDL - As per
Banks Policy. Terms of
repayment : WCDL I - Maximum
180 days. WCTL III/IV -
Maximum 36 days. WCTL V / TL -
Maximum 60 days. BG - Maximum 12
months. WCDL II - On such
terms and conditions as deemed fit by the Bank. Margin : TL - 25% BG - Minimum cash
margin of 25% shall be provided upfront in the form of FD. (100% cash margin
for guarantees covering disputed liabilities.) Lien shall be
marked on the FD till such time as the BG is cancelled and returned to the
Bank. WCDL II - On such
terms and conditions as deemed fit by the Bank. Extent and
operation of the charge : First and
exclusive charge by way of Mortgage on Immovable property of the Company, in
favour of Kotak Mahindra bank as security for repayment of financial
facilities granted by the Bank to the Company. |
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Short particulars
of the property or asset(s) charged (including complete address and location of
the property) |
Gala No.146 and
Gala No.148, 1st Flr, C wing, Oshiwara Industrial Center Premises Co-Op.
Soc., Plot No.0.D/11, situated at Mouje Pahadi, Borivali Mumbai. |
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Date of
instrument modifying the charge |
29.04.2011 |
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Particulars of
the present modification |
Bank had granted
facilities of Rs.206.175 Millions to the Borrower which was secured by way of
Mortgage on Immovable property of the Company on 23/10/2007. Said charge was
modified on 29/04/2011. Now bank has granted additional facility of
Rs.200.000 Millions to the company and the said charge is modified and
extended to the increased total facilities of Rs.426.175 Millions. |
Fixed Assets:
- Building
- Car
- Delivery Vans
- Computer
- Software
- Furniture
- Office
Equipments
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
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Indian Rupees |
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US Dollar |
1 |
Rs.44.89 |
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1 |
Rs.73.84 |
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Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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NB |
New Business |
-- |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.