MIRA
INFORM REPORT
|
Report Date : |
16.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PACHERIA CASTINGS PRIVATE LIMITED |
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Registered
Office : |
60/67/70, “F” Road, Belgachhia, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.05.1983 |
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Com. Reg. No.: |
036261 |
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Paid-up Capital
: |
Rs. 2.500 Millions |
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|
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CIN No.: [Company Identification
No.] |
U27320WB1983PTC036261 |
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|
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of different types of spares, fittings
and components. |
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|
|
No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 14000 |
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|
Status : |
Moderate |
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|
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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 fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. The Profit and Loss of the company is not available. |
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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rakesh |
|
Designation : |
Chief Executive Officer |
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Contact No.: |
91-33-26514726 |
|
Date : |
11.05.2011 |
LOCATIONS
|
Registered Office/ Factory : |
60/67/70, “F” Road, Belgachhia, |
|
Tel. No.: |
91-33-26514726 / 26514369 |
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Fax No.: |
91-33-26514369 |
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E-Mail : |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Rajesh Pacheria |
|
Designation : |
Director |
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Date of Appointment : |
05.07.2004 |
|
DIN No.: |
01143885 |
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|
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|
Name : |
Ms. Ekta Pacheria |
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Designation : |
Director |
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Date of Appointment : |
02.02.2010 |
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DIN No.: |
02996336 |
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|
|
|
Name : |
Mr. Banwari Lal Hemraj Pacheria |
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Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
11.04.1940 |
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Date of Appointment : |
04.05.1985 |
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Date of Cessation : |
18.02.2010 |
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DIN No.: |
02422432 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh Pacheria |
|
3290 |
|
Rakesh Kumar Pacheria |
|
2560 |
|
Santlal Agarwal |
|
500 |
|
Surendra Agarwal |
|
300 |
|
Meena Agarwal |
|
300 |
|
Indira Devi Agarwal |
|
300 |
|
Radhesyam Agarwal |
|
300 |
|
Shiv Kumar Agarwal |
|
300 |
|
Sita Ram Goel |
|
300 |
|
Sandip Agarwal |
|
300 |
|
Sunil Sharma |
|
300 |
|
Sangita Agarwal |
|
300 |
|
Birendra Singh |
|
300 |
|
Manoj Agarwal |
|
300 |
|
Sunil Madhozoria |
|
300 |
|
Ram Kishore Goel |
|
300 |
|
Satya Narayan Khaitan |
|
300 |
(AS ON 30.09.2010)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Supplier of different types of spares,
fittings and components. |
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|
|
|
Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
50 [Approximately] |
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|
|
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Bankers : |
·
State Bank of ·
Indian Bank, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S B Jha and Company Chartered Accountants |
|
Address : |
3, Pratap Ghosh lane, Kolkata - 700007, West Bengal , India |
|
Pan No.: |
ACTPJ6887F |
CAPITAL STRUCTURE
As On 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Share |
100/- each |
Rs. 4.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Share |
Rs. 100/-
each |
Rs. 2.500
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 |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.168 |
0.983 |
0.818 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.668 |
3.483 |
3.318 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.759 |
4.602 |
12.362 |
|
|
2] Unsecured Loans |
3.382 |
2.853 |
1.899 |
|
|
TOTAL BORROWING |
9.141 |
7.455 |
14.261 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
12.809 |
10.938 |
17.579 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
1.489 |
2.259 |
3.537 |
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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 |
8.892
|
4.064 |
5.769 |
|
|
Sundry Debtors |
5.797
|
6.748 |
6.922 |
|
|
Cash & Bank Balances |
0.098
|
0.115 |
0.034 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
2.885
|
2.508 |
4.753 |
|
Total
Current Assets |
17.672
|
13.435 |
17.478 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.659
|
4.268 |
3.024 |
|
|
Other Current Liabilities |
0.254
|
0.133 |
0.132 |
|
|
Provisions |
0.437
|
0.355 |
0.280 |
|
Total
Current Liabilities |
6.35
|
4.756 |
3.436 |
|
|
Net Current Assets |
11.320
|
8.679 |
14.042 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
12.809 |
10.938 |
17.579 |
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Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
|
|
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Sales Turnover |
55.000 |
37.000 |
30.000 |
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|
|
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Expected Sales (2011-2012) : Rs.
65.000 Millions
The above information has been parted by Mr. Rakesh [Chief Executive Officer].
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.22
|
3.51 |
5.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.78
|
2.82 |
5.09 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U27320WB1983PTC036261 |
|
Name of the
company |
PACHERIA CASTINGS PVT LTD |
|
Address of the registered
office or of the principal place of
business in |
60/67/70 F Rdbelgachia, Howrha,
West |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90247450 |
|
Type of charge |
Immovable
property Book
debts Floating
charge |
|
Particular of
charge holder |
State Bank of RASMECCC Branch-Howrah, 9, |
|
Nature of
instrument creating charge |
i] Supplemental Agreement of Loan-Cum-Hypothecation (SME-4). ii] Memorandum for Recording Extension of Mortgage by Deposit of Title
Deeds Covering Enhanced Limits and/ or Creation of Equitable Mortgage on Additional Properties for Existing
Limits and Enhanced Limits and Additional Facilities (SME-7). iii] Link Letter (SME-12). Altogether read with Letter of Arrangement (SME-1) dated: 31/12/2010. |
|
Date of
instrument Creating the charge |
31.12.2010 |
|
Amount secured by
the charge |
Rs. 8.000 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
(a)
Rate of interest Presently applicable on Working Capital-Cash Credit Limit @6.25% above
Base Rate (7.60% w-e-f-21/10/2010), effective rate being 13.85% per annum
with monthly rests. (b)
Terms of repayment i] WC-Cash Credit shall be repayable on demand. ii] WC-Cash Credit facility which has been sanctioned on 10/12/2010,
will be available for a period of 12 months from that date, subject to review
annually, when it may be cancelled/ reduced depending upon the conduct and
utilization of the advance, or as per the Bank's Scheme. iii] Interest shall be paid on monthly basis. (c)
Margin As
stipulated by the Bank for the respective assets/ facilities from time to
time. Presently On: [A]
Fund Based Limits:- i)
Finished Goods- 25%. ii)
Domestic Receivables- 40%. [B]
Non-Fund Based Limits:- Not
Applicable. (d)
Extent and operation of the charge i)
First charge over all hypothecated and mortgaged assets/ properties of the
Company. ii)
The charge shall be applicable to the ultimate balance that may become due to
the Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of the Company's entire stocks, book debts and other
assets created out of Bank's finance (both present and future) lying at its
shop, office, godown or elsewhere. EM of land measuring 2 Big. 9 Cot. 13 Chit. 13 Sft. with structures
(shop) thereon lying within HMC Holdings No.60/67/70, 'F' Road, Belgachia,
Howrah-711101, vide Title Deeds No.1551 and 1590 of 1984. |
|
Date of
instrument modifying the charge |
07.01.2005 |
|
Particulars of
the present modification |
By this modification, the overall amount of charge has been enhanced from
Rs.50.00 Lacs to Rs.80.00 Lacs as SBI-RASMECCC has increased the Cash Credit
limit by Rs.30.00 Lacs. Security has been also extended on the stocks, book
debts and other assets and the immovable properties of the Company at |
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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.