MIRA
INFORM REPORT
|
Report Date : |
16.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PATEL VEENERS PRIVATE LIMITED |
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Registered
Office : |
2nd Floor, Suite No.205 and 206, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.10.1977 |
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Com. Reg. No.: |
09 - 002930 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.750 Million |
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CIN No.: [Company Identification
No.] |
U20211KL1977PTC002930 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporters of Rose Wood Veneers and Importer of Timber Logs. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 130000 |
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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 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.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
2nd Floor, Suite No.205 and 206, |
|
Tel. No.: |
91-484-2370100/ 2370104/4026767/ 2370105 |
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Fax No.: |
91-484-2370115 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Kantilal Pranlal Patel |
|
Designation : |
Director |
|
Address : |
30-626-B, |
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Date of Birth/Age : |
07.03.1930 |
|
Date of Appointment : |
19.07.1977 |
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DIN No.: |
01681767 |
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Name : |
Mr. Bharat Kantilal Patel |
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Designation : |
Director |
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Address : |
30-623-B, |
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Date of Birth/Age : |
24.10.1963 |
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Date of Appointment : |
31.03.1984 |
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DIN No.: |
01935255 |
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Name : |
Mr. Babulal Pranlal Patel |
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Designation : |
Director |
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Address : |
Madavpura, Opposite Corporation Building, Hubli, Dharwad – 580020, |
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Date of Birth/Age : |
24.04.1936 |
|
Date of Appointment : |
19.10.1977 |
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|
Name : |
Mr. Vinod Babulal Patel |
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Designation : |
Director |
|
Address : |
Madavpura, Opposite Corporation Building, Hubli, Dharwad – 580020, |
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Date of Birth/Age : |
24.12.1965 |
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Date of Appointment : |
01.01.1992 |
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Name : |
Mr. Natwarlal Pranlal Patel |
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Designation : |
Director |
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Address : |
30-626-B, |
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Date of Birth/Age : |
23.02.1947 |
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Date of Appointment : |
19.10.1977 |
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DIN No.: |
01681707 |
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Name : |
Mrs. Urmila Natwarlal Patel |
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Designation : |
Director |
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Address : |
30-626-B, |
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Date of Birth/Age : |
23.08.1949 |
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Date of Appointment : |
19.10.1977 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Babulal Pranlal Patel |
|
10000 |
|
Natwarlal Pranlal Patel |
|
10000 |
|
Urmila Natwarlal Patel |
|
4900 |
|
|
|
5000 |
|
Babiben Babulal Patel |
|
5000 |
|
Bharat Kantilal Patel |
|
20000 |
|
Mitesh Kantilal Patel |
|
5500 |
|
Vinod Babulal Patel |
|
11700 |
|
Jagrat Natwarlal Patel |
|
2800 |
|
B P Timber Products Private Limited, |
|
100 |
|
Total |
|
75000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.00 |
|
Other top fifty shareholders |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporters of Rose Wood Veneers and Importer of Timber Logs. |
GENERAL INFORMATION
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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 : |
Murali Associates Chartered Accountant |
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Address : |
G-35, 1st |
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PAN.: |
AAAFM1250G |
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Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
400000 |
Equity Shares |
Rs.10/- each |
Rs. 4.000 Millions |
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|
100000 |
Preference share |
Rs.10/- each |
Rs. 1.000 Million |
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Total |
|
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
Rs.10/- each |
Rs. 0.750
Million |
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 |
0.750 |
0.750 |
0.750 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
31.937 |
27.372 |
23.295 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
32.687 |
28.122 |
24.045 |
|
|
LOAN FUNDS |
|
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|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
6.773 |
9.318 |
1.229 |
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TOTAL BORROWING |
6.773 |
9.318 |
1.229 |
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|
DEFERRED TAX LIABILITIES |
0.178 |
0.168 |
0.194 |
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TOTAL |
39.638 |
37.608 |
25.468 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.078 |
1.940 |
1.384 |
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Capital work-in-progress |
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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 |
29.814
|
16.661 |
23.271 |
|
|
Sundry Debtors |
2.653
|
20.249 |
1.597 |
|
|
Cash & Bank Balances |
17.172
|
19.418 |
20.376 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.559
|
6.786 |
8.891 |
|
Total
Current Assets |
59.198
|
63.114 |
54.135 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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|
Sundry Creditors |
17.858
|
24.702 |
23.617 |
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|
Other Current Liabilities |
0.417
|
0.701 |
3.711 |
|
|
Provisions |
2.363
|
2.043 |
2.623 |
|
Total
Current Liabilities |
20.638
|
27.446 |
30.051 |
|
|
Net Current Assets |
38.560
|
35.668 |
24.084 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
39.638 |
37.608 |
25.468 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
58.503 |
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Other Income |
1.005 |
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TOTAL |
59.508 |
88.223 |
27.836 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
19.757 |
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
80.790 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
NA |
0.140 |
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PROFIT BEFORE
TAX |
NA |
NA |
7.939 |
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|
Less |
TAX |
NA |
NA |
3.401 |
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PROFIT AFTER TAX |
4.565 |
4.113 |
4.538 |
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TOTAL EARNINGS |
55.587 |
24.961 |
10.980 |
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TOTAL IMPORTS |
0.000 |
31.919 |
20.430 |
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|
Earnings Per
Share (Rs.) |
608.62 |
548.34 |
--- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.67
|
4.66 |
16.30 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
NA |
NA |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.84
|
1.31 |
1.30 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.87
|
2.30 |
1.80 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Highlights:
The Directors are happy to report that the overall performance of the
company during the year has improved compared to previous year. During the year
under report, the net turnover of the company is Rs. 58.503 Millions and total
income accrued is Rs. 59.508 Millions. The overall operation of the company has
recorded a net profit of Rs. 4.565 Millions. after providing for depreciation,
forest development tax, current tax, deferred tax and gratuity, which is being
carried over ti the Balance Sheet. The Directors are hopeful that the company
will be able to further improve the performance in the coming years.
As the Directors propose to utilize the available surplus in the
business of the company, no dividend is recommended for the financial year.
Contingent
Liabilities
|
Particulars |
As on 31.03.2010 (Rs.
in Millions |
As on 31.03.2009 (Rs.
in Millions |
|
L C outstanding |
21.590 |
21.590 |
|
Total |
21.590 |
21.590 |
Form 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90022195 |
|
Corporate
identity number of the company |
U20211KL1977PTC002930 |
|
Name of the company
|
PATEL VEENERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2nd Floor, Suite No.205 and 206, |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Indian Bank, |
|
Nature of
description of the instrument creating or modifying the charge |
Letters dated 28/07/2007 from the Company for extension of equitable
mortgage- 2 nos. Letter from the Bank. |
|
Date of
instrument Creating the charge |
28.07.2007 |
|
Amount secured by
the charge |
Rs. 47.100
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest There is no
change in rate of interest. Terms of
Repayment There is no
change in repayment terms. The entire amounts are repayable on demand. Margin There is no
change in margin requirements. Extent and
Operation of the charge 64 cents of land
and buildings thereon in Sy No. 1126/1, Others The said 64 cents
of land and buildings thereon in Sy No. 1126/1, Trikkakkara Village (North),
Kanayannur Taluk, Ernakulam District originally deposited with the Bank on
06.06.1998 is also extended/ charged as security for the due repayment of the
enhanced credit facilities enjoyed by M/s. Patel Babulal Pranlal and Bros for Rs. 45.500 Millions and by M/s Bharath Kumar Patel and Company for
Rs. 42.900 Millions ( no change). |
|
Short particulars
of the property charged |
64 cents of land
and buildings thereon in Sy No. 1126/1, |
|
Date of latest
modification prior to the present modification |
27.07.2007 |
Fixed Assets:
- Air Conditioner
- Building
- Computer
- Electrical Installation
- Facsimile
- Fridge
- Furniture and Fittings
- Generator A/c _ Hubli
- Land
- Mobile Phone
- Boiler A/c
- Motor Car
- Plain Paper Copier
- Plant and Machinery
- Typewriter
- Water Purifier
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.