MIRA
INFORM REPORT
|
Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
PROVINCIAL TRACTORS PRIVATE LIMITED |
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Registered
Office : |
Near Octroi Post, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.02.2005 |
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Com. Reg. No.: |
11-151115 |
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Capital
Investment / Paid-up Capital : |
Rs.7.000
Millions |
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CIN No.: [Company Identification
No.] |
U51502MH2005PTC151115 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPP02362D |
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PAN No.: [Permanent Account No.] |
AADCP4867A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Tractors. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 47000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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. Ajit Salegram |
|
Designation : |
Manager |
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Contact No.: |
91-9850489969 |
|
Date : |
14.06.2011 |
LOCATIONS
|
Registered Office : |
Near Octroi Post, |
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Tel. No.: |
91-712-2612039 |
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Mobile No.: |
91-9850489969 (Mr. Ajit Salegram) |
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Fax No.: |
91-712-2612218 |
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E-Mail : |
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Area: |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ashish Harshraj Kale |
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Designation : |
Director |
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Address : |
House No. 28, Behind Narang Tower, |
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Date of Birth/Age : |
19.02.1973 |
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Date of Appointment : |
01.09.2009 |
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Name : |
Mr. Arun Bhagwat Agrawal |
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Designation : |
Director |
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Address : |
Flat 104, Shreyansh Apartment, Near Kachi Bhavan Lakadganj,
Nagpur-440008, |
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Date of Birth/Age : |
01.08.1971 |
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Date of Appointment : |
08.02.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Salegram |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ashish Harshraj Kale |
|
15000 |
|
Arun Bhagwat Agrawal |
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29000 |
|
Provincial Automobile Company Limited, |
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26000 |
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Total |
|
70000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
36.20 |
|
Directors
or relatives of directors |
|
63.80 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Tractors. |
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Agencies Held : |
Mahindra |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit (Depend) |
GENERAL INFORMATION
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Customers : |
Others |
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No. of Employees : |
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 : |
K.K Mankeshwar and Company Chartered Accountant |
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Address : |
Kingsway, Nagpur-440001, |
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Tel No.: |
91-712-2554223/6629946/47 |
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Fax No.: |
91-712-6613404/6629948 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130000 |
Equity Shares |
Rs.100/- each |
Rs.13.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000 |
Equity Shares |
Rs.100/- each |
Rs.7.000
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
7.000 |
3.000 |
0.100 |
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2] Share Application Money |
0.000 |
4.000 |
2.900 |
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3] Reserves & Surplus |
4.934 |
3.064 |
1.695 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
11.934 |
10.064 |
4.695 |
|
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LOAN FUNDS |
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|
1] Secured Loans |
17.584 |
15.821 |
14.353 |
|
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2] Unsecured Loans |
9.059 |
9.568 |
25.137 |
|
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TOTAL BORROWING |
26.643 |
25.389 |
39.490 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.577 |
35.453 |
44.185 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.203 |
1.547 |
1.011 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
0.064 |
0.045 |
0.015 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
61.568
|
38.509
|
45.302 |
|
|
Sundry Debtors |
5.854
|
7.641
|
11.841 |
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|
Cash & Bank Balances |
1.134
|
1.606
|
3.526 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
2.889
|
2.657
|
1.807 |
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Total
Current Assets |
71.445
|
50.413
|
62.476 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
15.101
|
6.222
|
10.707 |
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Other Current Liabilities |
18.282
|
9.247
|
7.677 |
|
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Provisions |
1.753
|
1.084
|
0.939 |
|
Total
Current Liabilities |
35.136
|
16.553
|
19.323 |
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Net Current Assets |
36.309
|
33.860
|
43.153 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
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TOTAL |
38.577 |
35.453 |
44.185 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
|
274.646 |
259.980 |
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Less |
EXPENSES |
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Office Expenses |
|
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|
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Administrative Expenses |
|
271.441 |
257.094 |
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Advertising Expenses |
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TOTAL (B) |
|
271.441 |
257.094 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
3.205 |
2.886 |
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Less |
FINANCIAL
EXPENSES (D) |
|
0.000 |
0.005 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
3.205 |
2.881 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.421 |
0.461 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
2.784 |
2.420 |
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Less |
TAX (H) |
|
0.914 |
1.051 |
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PROFIT AFTER TAX
(G-H) (I) |
|
1.870 |
1.369 |
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Earnings Per
Share (Rs.) |
|
26.71 |
NA |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
400.000 |
Expected Sales (2011-12) : Rs.600.000 Millions More Than.
The above information has been parted by Mr. Ajit Salegram.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.68
|
0.53 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.78
|
4.66 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.24 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.18
|
4.17 |
12.53 |
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Current Ratio (Current Asset/Current Liability) |
|
2.03
|
3.05 |
3.23 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Other Creditors |
15.101 |
6.222 |
10.708 |
Financial Results:
Time and money waits for none and as the time
passes the company is moving at a greater speed as compared to the previous
year. The company recorded a net profit of Rs.1.870 millions during the year
the as against a net profit of Rs.1.369 millions during the previous financial
year. In the years to come the company is looking forward to give its best.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10148660 |
|
Corporate
identity number of the company |
U51502MH2005PTC151115 |
|
Name of the
company |
PROVINCIAL
TRACTORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Near Octroi Post, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Bank of India Limited, Main Branch, Kingsway, Nagpur-440001, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation dated 9th September 2010. |
|
Date of
instrument Creating the charge |
09.09.2010 |
|
Amount secured by
the charge |
Rs.45.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit
Limit: 3.00% over Base Rate presently 11%
p.a. with monthly rests. Guarantee
Limit: Commission as Applicable. Terms of
Repayment Repayable on
Demand. Margin Cash Credit :
25% AGAINST STOCK, and 40% AGAINST
BOOK DEBTS. and Guarantee :
15%. Extent and Operation
of the charge Cash Credit
Limit: First Charge by way of Hypothecation of Stocks of Tractors, Spare
Parts and Book Debts, and Second Charge on Fixed Assets including Plant and
Machinery. |
|
Short particulars
of the property charged |
First Charge by
way of Hypothecation of Stocks of Tractors, Spare Parts and Book Debts, and
Second Charge on Fixed Assets including Plant and Machinery. |
|
Particulars of
the present modification |
By this present
modification the bank has sanctioned an additional Cash Credit Limit of
Rs.15.000 Millions by execution of Supplemental Deed of Hypothecation. The
entire Limit of Rs.45.000 Millions is now secured by Hypothecation of Movable
Assets of the Company. |
Fixed Assets:
- Electric Installation
- Office Equipment
- Furniture and Fixtures
- Computer
- Vehicles
- Service Van
- Bolero
- Scorpio
- Diesel Generations
- Plant and Machinery
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.44.77 |
|
|
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--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.