MIRA INFORM REPORT

 

 

Report Date :

21.05.2011

 

IDENTIFICATION DETAILS

 

Name :

PADMA PERFUMERY WORKS

 

 

Registered Office :

D. No. 147, 2nd Main, Post Box No. 1839, Chamarajapet, Bangalore – 560 018, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Year of Establishment :

1954

 

 

Capital Investment

/ Paid-up Capital :

Rs. 10.000 millions (Estimated)

 

 

IEC No.:

0795007582

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRP00467F

 

 

PAN No.:

[Permanent Account No.]

AACFP4630R

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners

 

 

Line of Business :

Manufacturer and Exporter of Incense Sticks & Agarbatti under Brand

 

 

No. of Employees :

125

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

 

 

 

Maximum Credit Limit :

USD 40000

 

 

Status :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed Concern having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitment.

 

The concern can be considered good for normal 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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

India

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY (General Details)

 

Name :

Mr. D. R. Shrinivas

Designation :

Partner

Contact No.:

91-9845026120

 

 

Date :

21.05.2011

 

 

LOCATIONS

 

Registered Office

/ Factory :

D. No. 147, 2nd Main, Post Box No. 1839, Chamarajapet, Bangalore – 560 018, Karnataka, India

Tel. No.:

91-80-26626644 / 26602424 / 26609455 / 26609454 / 26609453

Fax No.:

91-80-26602424

E-Mail :

ppw7@satyam.net.in

girija_inter@yahoo.com

Area :

10000 Sq. ft.

Location :

Owned

 

 

PARTNERS

 

Name :

Mr. D. R. Shrinivas

Designation :

Partner

Date of Birth/Age :

47 Years

Qualification :

Graduate

 

 

Name :

Mr. D. R. Rajesh

Designation :

Partner

Date of Birth/Age :

42 Years

Qualification :

Graduate

Mobile No.:

91-9945226644

 

 

Name :

Mr. D. R. Rangun

Designation :

Partner

Qualification :

Graduate

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Incense Sticks and Agarbatti under Brand.

 

 

Products :

·         Aroma Therapy Incense Stick

·         Aroma Therapy Incense Stick

·         Celestial Scents Aroma Sticks

·         Citronella Incense Sticks

·         Incense Sticks and Agarbatti

·         Rudraksh Sandal Flora Sticks

·         Rudraksh Lavender Flora Sticks

·         Rudraksh Musk Flora Sticks

·         Lavender Incense Sticks

·         Flora Range

·         Aroma Therapy Incense Sticks

 

 

Brand Names :

Padma and Rudrax  

 

 

Exports :

 

Products :

Incense Stick and Agarbatti

Countries :

·         Singapore

·         Thailand

·         Nigeria

·         Africa

·         Malaysia

·         Mauritius

·         Poland

·         Sri Lanka

·         Europe

·         Russia

·         Dubai

·         U.S.A.

·         Asia

 

 

Exports :

 

Products :

Powder

Countries :

Vietnam

 

 

Terms :

 

Selling :

Credit (60 Days)

 

 

Purchasing :

Credit (60 days), T/T (For Export / Import)

 

 

GENERAL INFORMATION

 

Customers :

·         Wholesaler

·         Distributors 

 

 

No. of Employees :

125

 

 

Bankers :

Standard Chartered Bank , M. G. Road Branch, Bangalore – 560 002, Karnataka

 

 

Facilities :

Cash Credit Rs.35.000 millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Kincha and Company

Chartered Accountant

 

 

Associates/Subsidiaries :

NIL

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 10.000 millions (Estimated)

Borrowed :

-

Total :

Rs. 10.000 millions (Estimated)

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

31.03.2011

31.03.2010

31.03.2009

Sales Turnover

120.000

115.000

100.000

 

The above information has been parted by Mr. D. R. Shrinivas

 

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Partner’s Capital

 

 

8.663

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

8.663

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

17.845

2] Unsecured Loans

 

 

4.761

TOTAL BORROWING

 

 

22.606

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

31.269

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

2.403

Capital work-in-progress

 

 

0.000

Goodwill

 

 

0.100

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

21.875

 

Sundry Debtors
 

 

16.114

 

Deposits and Advances

 

 

2.546

 

Cash & Bank Balances
 

 

0.700

 

Other Current Assets
 

 

3.179

 

Loans & Advances
 

 

0.000

Total Current Assets
 

 

44.414

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

15.648

 

Provisions
 

 

0.000

Total Current Liabilities
 

 

15.648

Net Current Assets
 

 

28.766

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

31.269

 

 

  PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2008

Sales Turnover

 

 

96.753

Other Income

 

 

0.000

Total Income

 

 

96.753

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

 

74.650

 

Advertisement

 

 

0.295

 

Advance Tax

 

 

0.705

 

Bank Commission

 

 

0.123

 

Commission

 

 

1.265

 

Income Tax

 

 

0.683

 

Insurance

 

 

0.103

 

Interest Charges

 

 

2.583

 

Leave with Wages

 

 

0.122

 

Light Charges

 

 

0.061

 

Depreciation & Amortization

 

 

0.422

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2008

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

4.42

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

2.84

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

·         Anand Packaging, Bangalore – 560 002, Karnataka

Chandni Enterprises

·         Babul Hiralal and Company, Bangalore – 560 002, Karnataka

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.44.93

UK Pound

1

Rs.72.92

Euro

1

Rs.64.34

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

54

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.