MIRA
INFORM REPORT
|
Report Date : |
11.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PEPS INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
S F No. 192, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
13.09.1995 |
|
|
|
|
Com. Reg. No.: |
18-6507 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.63.801 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17111TZ1995PTC006507 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Spring Interior Mattresses and Bedding Products. |
|
|
|
|
No. of Employees : |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 210000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION denied BY
|
Name : |
Ms. Mala |
|
Designation : |
Accounts Department Manager |
|
Date : |
06.05.2011 |
LOCATIONS
|
Registered Office/Factory : |
S F No. 192, Uthupalayam Road, Arasur Post Palladam Taluka, Coimbatore
-641407, Tamilnadu, India. |
|
Tel. No.: |
91-422-2680890 |
|
Fax No.: |
91-422-2360892 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
25000 Sq. Ft |
|
Location : |
Owned |
|
|
|
|
Corporate office
: |
V-ID, NGEF Ancillary (I) Estate, Mahadevpura, |
|
Tel. No. : |
91-80-28525831 / 28524599 |
|
|
|
|
Factory 2 : |
F6, Ground Floor, Udyog Nagar, Peeragarhi, Mangloi, North East Delhi,
New Delhi – 110041, Delhi, India |
|
Tel. No. : |
91-11-45572792 |
DIRECTORS
AS ON 29.09.2009
|
Name : |
Mr. P. Manjunath |
|
Designation : |
Director |
|
Address : |
1282, 13th Cross Indira Nagar II Stage, Binnamanagar,
Bangalore-560038, |
|
Date of Birth/Age : |
05.02.1960 |
|
Date of Appointment : |
16.12.2005 |
|
|
|
|
Name : |
Mr. G. Ram Shankar |
|
Designation : |
Director |
|
Address : |
201 Trinity Gole Link |
|
Date of Birth/Age : |
04.12.1959 |
|
Date of Appointment : |
16.12.2005 |
KEY EXECUTIVES
|
Name : |
Ms. Mala |
|
Designation : |
Accounts Department Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preferences Shares |
|
Hosur Coir Foams P Limited |
2000000 |
-- |
|
P Manjunath |
1266103 |
1134960 |
|
G. Ram Shankar |
844100 |
1134960 |
|
|
|
|
|
Total |
4110203 |
2269920 |
As on 29.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
48.00 |
|
Directors
or relatives of directors |
|
52.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Spring Interior Mattresses and Bedding Products. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
|
Customer : |
Distributor and Dealer |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
No. of Employees : |
300 (Approximately) |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Bankers : |
State Bank of |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
CSK Prabhu and Company Chartered Accountant |
|
Address : |
No. 7, First Floor, Auditors Association Buildings, D B Road, R S
Puram, Coimbatore641407, Tamilnadu, India. |
|
|
|
|
Collaborators : |
M/s Restonic Corporation - |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 29.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
3000000 |
Preferences Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
Total |
|
Rs.80.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4110203 |
Equity Shares |
Rs.10/- each |
Rs.41.102
Millions |
|
2269920 |
Preferences Shares |
Rs.10/- each |
Rs.22.699
Millions |
|
|
Total |
|
Rs.63.801 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 |
|
|
|
|
|
1] Share Capital |
63.801 |
63.801 |
63.801 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(9.089) |
(16.160) |
(32.047) |
|
|
NETWORTH |
54.712 |
47.641 |
31.754 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
41.742 |
29.701 |
0.000 |
|
|
2] Unsecured Loans |
23.602 |
35.073 |
54.724 |
|
|
TOTAL BORROWING |
65.344 |
64.774 |
54.724 |
|
|
DEFERRED TAX LIABILITIES |
7.082 |
0.000 |
0.086 |
|
|
|
|
|
|
|
|
TOTAL |
127.138 |
112.415 |
86.564 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
60.744 |
59.112 |
57.111 |
|
|
Capital work-in-progress |
3.111 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.013 |
0.013 |
0.013 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.588
|
17.317
|
11.162
|
|
|
Sundry Debtors |
54.067
|
55.324
|
42.100
|
|
|
Cash & Bank Balances |
5.368
|
2.760
|
2.027
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
21.341
|
4.892
|
3.670
|
|
Total
Current Assets |
103.364
|
80.293
|
58.959
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
33.791
|
25.547
|
29.363
|
|
|
Provisions |
6.303
|
1.456
|
0.156
|
|
Total
Current Liabilities |
40.094
|
27.003
|
29.519
|
|
|
Net Current Assets |
63.270
|
53.290
|
29.440
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
127.138 |
112.415 |
86.564 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
240.555 |
164.040 |
|
|
|
|
Other Income |
8.876 |
4.210 |
|
|
|
|
TOTAL (A) |
249.431 |
168.250 |
109.016 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
164.792 |
106.817 |
|
|
|
|
Power and Fuel |
1.816 |
1.355 |
|
|
|
|
Exchange Fluctuation |
0.000 |
0.540 |
|
|
|
|
Employee Cost |
15.123 |
9.543 |
|
|
|
|
Administrative and Selling Expenses |
43.651 |
27.431 |
|
|
|
|
Adjustment due to increase / decrease in stock |
(1.216) |
(1.426) |
|
|
|
|
TOTAL (B) |
224.166 |
144.260 |
97.048 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.265 |
23.990 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.288 |
4.237 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.978 |
19.753 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.978 |
2.793 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.999 |
16.960 |
9.188 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
11.928 |
0.814 |
0.142 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
7.071 |
16.146 |
9.046 |
|
|
|
|
|
|
|
|
|
Less |
Prior Year Adjustments |
0.000 |
0.258 |
NA |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(16.159) |
(32.047) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(9.088) |
(16.159) |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.72 |
3.87 |
2.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.83
|
9.60 |
8.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.90
|
10.34 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.58
|
12.17 |
7.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.36 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.93
|
1.93 |
2.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.33
|
2.97 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
PEPS INDUSTRIES PRIVATE LIMITED |
|
Presented By |
Mr. G.
Sreenivasan |
|
1) Date and description of instrument creating the change |
03.12.0996 agreement
of hypothecation of goods and assets |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.25.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
goods and assets and plant and machinery being set up by the company in GS
NO. 191/3, Village, |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The amount is
repayable in 60 monthly installments with an initial holiday period of nine
months from the date of commencement of commercial production or from January
1998 whichever is earlier. Rate of interest
4.25% above State Bank of |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U17111TZ1995PTC006507 |
|
Name of the
company |
PEPS INDUSTRIES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
S F No. 192, Uthupalayam Road, Arasur Post Palladam Taluka, Coimbatore
-641407, Tamilnadu, India. |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property |
|
Number of charge
holder (s) |
1 |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Agreement of loan
cum hypothecation form SME -2 and memorandum for recording creation of
mortgage by deposit of title deeds SME - 5 (both pertain to the same charge) |
|
Date of
instrument Creating the charge |
14.06.2008 |
|
Amount secured by
the charge |
Rs.68.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate: WCL/TL- at SBAR
with a minimum of 12.25% p.a. Rising or falling therewith, on daily products
with monthly rests. Present effective rate 12.25% per annum. Penal interest
for non compliance of terms of sanction: max 2% per annum over the normal
rate. Prepayment penalty as per terms of sanction Terms of
Repayment WCL - on demand.
Advance is for a period of 12 months and subject to review as per sanction. 1). Term loan: in
28 monthly insts of Rs.0.300 millions each and last 8 monthly insts of
Rs.0.200 million each 2). Corp loan: in
30 monthly insts of Rs.0.200 millions each and last 5 monthly insts of
Rs.0.400 million each Margin RM/SFG/FG/RECEIVABLES
- 25% LC - 10% TERM LOAN - 47% Extent and
Operation of the charge Exclusive first
charge on the assets of the company and to the full extent. Others Cc (stocks)
Rs.07.5 millions CC (receivables) Rs.22.5 millions; corporate loan Rs.08.0 millions; Open term loan Rs.10.0 millions; LC Rs.20.0 millions total limit of Rs.68.0 millions. |
|
Short particulars
of the property charged |
Hypo. of
company's present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and finished goods, book debts,
receivables, outstanding monies, bills, rights, stores, components, furniture
and fittings; other movables, plant and machinery, vehicles and assets to be
purchased out of bank finance Equity mort of imm prop factory land and
building situated at 7/83, G.S. No. 191/3 and 192, Uthupalayam Road, Arasur
post, Coimbatore measuring 10.2 acres. |
Fixed Assets:
- Land
- Borewell
- Plant and Machinery
- Tools
- Electrical Machinery
- Computer
- Office Equipments
- Generator
- Vehicles
- Furniture and Fittings
- Temporary Structures
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.44.73 |
|
|
1 |
Rs.73.20 |
|
Euro |
1 |
Rs.63.90 |
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 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
26 |
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.