MIRA
INFORM REPORT
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Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
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Name : |
PANCHAM INTERNATIONAL LIMITED |
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Registered Office : |
1108, 11th Floor, Om Tower, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.01.1995 |
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Com. Reg. No.: |
21-067058 |
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CIN No.: [Company
Identification No.] |
U70109WB1995PLC067058 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALP04513F |
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PAN No.: [Permanent
Account No.] |
AABCK35095 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Importer and Exporter of Pulses And Grains. |
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 360000 |
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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. 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 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
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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 |
LOCATIONS
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Registered Office : |
1108, 11th Floor, Om Tower, |
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Tel No.: |
91-33-22266195 |
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Fax No.: |
91-33-22266192 |
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E-Mail : |
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Corporate Office : |
132, Mittal Court, ‘B’
Wing, 13th Floor, 224, Nariman Point, Mumbai-400021, |
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Tel No.: |
91-22-22875249 |
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Fax No.: |
91-22-22872430 |
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Email : |
bomkgl@bom5.vsnl.nt.in admin@pancham.net |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Bimal Singh Kothari |
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Designation : |
Director |
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Address : |
Gunjan House 341, Pali Hill Road, Bandra West,Mumbai 400050, Maharashtra,
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Date of Birth/Age : |
27.08.1959 |
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Date of Appointment : |
27.01.2006 |
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Name : |
Ms. Sushma Kothari |
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Designation : |
Director |
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Address : |
Gunjan House 341, Pali Hill Road, Bandra West,Mumbai 400050,
Maharashtra, |
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Date of Birth/Age : |
13.08.1961 |
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Date of Appointment : |
14.12.2004 |
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Name : |
Mr. Tolaram Bothra |
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Designation : |
Director |
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Address : |
112, 3 |
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Date of Birth/Age : |
20.11.1958 |
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Date of Appointment : |
12.01.2002 |
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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Bimal Singh Khothari |
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1332350 |
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Bimal Singh Kothari HUF |
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1100000 |
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Sushma Kothari |
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1245000 |
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Tolaram Kothari |
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69000 |
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Aditya S. Kothari |
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63650 |
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Trisha Kothari |
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43000 |
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Juhie Kothari |
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559000 |
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Namrata Kothari |
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574000 |
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Barji Devi Kothari |
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14000 |
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Total |
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5000000 |
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 |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Exporter of Pulses And Grains. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Note:
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Financial Institution: |
Reliance Capital Limited, “H” Block, 1st Floor, Dhirubhai Ambani
Knowledge City, Koparkhairne, Mumbai-4000710, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.C. Surana and
Company Chartered
Accountants |
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Address : |
205-6, Standard
House, 83, |
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Tel. No.: |
91-22-66346856 |
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Fax No.: |
91-22-66346856 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
20.000 |
20.000 |
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2] Share Application Money |
23.500 |
30.000 |
0.000 |
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3] Reserves & Surplus |
18.943 |
12.034 |
8.188 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
92.443 |
62.034 |
28.188 |
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LOAN FUNDS |
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1] Secured Loans |
212.502 |
134.256 |
70.032 |
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2] Unsecured Loans |
4.774 |
20.837 |
15.824 |
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TOTAL BORROWING |
217.276 |
155.093 |
85.856 |
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DEFERRED TAX LIABILITIES |
0.338 |
0.343 |
0.305 |
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TOTAL |
310.057 |
217.470 |
144.350 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.552 |
5.343 |
4.358 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.012 |
0.007 |
0.007 |
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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 |
232.915
|
152.825
|
55.769 |
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Sundry Debtors |
75.679
|
47.824
|
44.011 |
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Cash & Bank Balances |
5.854
|
32.453
|
27.262 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
44.534
|
85.810
|
45.345 |
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Total
Current Assets |
358.982
|
318.912
|
172.387 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
47.719
|
100.400 |
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Other Current Liabilities |
3.337
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4.173
|
59.950 |
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Provisions |
2.593
|
2.279
|
2.532 |
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Total
Current Liabilities |
53.649
|
106.852
|
62.482 |
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Net Current Assets |
305.333
|
212.060
|
109.905 |
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MISCELLANEOUS EXPENSES |
0.160 |
0.060 |
0.080 |
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TOTAL |
310.057 |
217.470 |
144.350 |
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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 |
1402.982 |
1330.653 |
1231.648 |
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Other Income |
0.000 |
1.024 |
0.782 |
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TOTAL (A) |
1402.982 |
1331.677 |
1232.430 |
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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 (B) |
1367.122 |
1310.267 |
1219.692 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
35.860 |
21.410 |
12.738 |
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Less |
FINANCIAL
EXPENSES (D) |
25.648 |
14.501 |
8.260 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.212 |
6.909 |
4.478 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.684 |
0.647 |
0.404 |
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PROFIT BEFORE
TAX (E-F) (G) |
9.528 |
6.262 |
4.074 |
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Less |
TAX (H) |
2.619 |
2.416 |
1.507 |
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PROFIT AFTER TAX
(G-H) (I) |
6.909 |
3.846 |
2.567 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8.904 |
5.058 |
2.491 |
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BALANCE CARRIED
TO THE B/S |
15.813 |
8.904 |
5.058 |
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Earnings Per
Share (Rs.) |
3.43 |
1.92 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.49
|
0.29 |
0.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.68
|
0.47 |
0.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.62
|
1.93 |
2.30 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.10 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.93
|
4.22 |
5.26 |
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Current Ratio (Current Asset/Current Liability) |
|
6.69
|
2.98 |
2.76 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from 207 Maharshi Devendra
Road, 2nd Floor, Room No. 50, P.S. Burra Bazar, Kolkata, West
Bengal, India to the present address w.e.f. 29.02.2008
OPERATION:
The company has recorded an impressive performance for the year ended
March 31, 2010. During the year, the company earned net profit of Rs.6.909
Millions on the turnover of Rs.1402.982 Millions as against net profit of
Rs.3.846 Millions on the turnover of Rs.1330.653 Millions in the previous year.
FINANCES:
During the year
company has allotted 30 lacs equity shares of Rs.10/- each fully paid up
amounting to increase of Rs.30.000 millions in paid up shares capital. The company
has further received Rs.23.500 millions towards share application money, on
which shares are yet to be allotted. It also availed working capital facilities
of Rs.230.000 millions (Including Rs.105.000 millions of non fund base). All
the funds raised during the year have been utilized to fund the growing
business of the company.
FUTURE OUTLOOK:
With the over all
economic environment showing encouraging signs of improvement and the business sentiments
poised for growth, the company is confident of a continuing all round growth in
its performance in the coming year also. The directors, therefore, proposes to
increase the existing quantum/add new items for import viz’, pulses, edible
oils, fabrics, diamond, Pvc, HDPE, Iron-ore and export flowers, sugar and other
agro products. The directors also planned to substantially increase the
domestic trading of pulses, sugar, edible-oil, Pvc. HDPE etc. the director,
thus, expect a steady and healthy all round growth of the company in the coming
years.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U70109WB1995PLC067058 |
|
Name of the
company |
PANCHAM
INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
1108, 11th Floor, Om Tower, |
|
Type of charge |
Immovable
Property Floating Charge |
|
Particular of
charge holder |
Reliance Capital Limited, “H” Block, 1st Floor, Dhirubhai
Ambani Knowledge City, Koparkhairne, Mumbai-4000710, Maharashtra, India |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Loan Agreement
dated 29.01.2011. |
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Date of
instrument Creating the charge |
29.01.2011 |
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Amount secured by
the charge |
Rs.172.300
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.50% p.a.
(Floating) Terms of
Repayment 180 equated
monthly installment Rs.2.012 millions each. Margin 3%. Extent and
Operation of the charge Loan agreement. |
|
Short particulars
of the property charged |
Row House No.3
CTC No.1629 41, |
FIXED ASSETS:
- Office
Equipments
- Motor Cars
- Trucks
- Furniture
- Computer
- Air
Conditioner
- 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.44.96 |
|
|
1 |
Rs.73.57 |
|
Euro |
1 |
Rs.63.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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.