MIRA
INFORM REPORT
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Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRIYANKA PROCESSORS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 495, GIDC, Pandesara, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.11.1990 |
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Com. Reg. No.: |
04-14688 |
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Capital
Investment / Paid-up Capital : |
Rs.13.900 Millions |
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CIN No.: [Company Identification
No.] |
U17114GJ1990PTC014688 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of all types of Sarees and Dress Material of Polyster,
Fabric Readymade Garments. |
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No. of Employees
: |
Information not divulged by the management. |
RATING & COMMENTS
|
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 92000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 reported as
fair. Business is active. Payments are reported to be slow. 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.
INFORMATION DENIED BY
|
Name : |
Mr. Ramesh Gupta |
|
Designation : |
Director |
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Date : |
20.05.2011 |
LOCATIONS
|
Registered Office : |
Plot No. 495, GIDC, Pandesara, |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ramcharan Bholaram Agarwal |
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Designation : |
Director |
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Address : |
1004, Adharshila Apartment, Ghod – |
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Date of Birth/Age : |
20.10.1959 |
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Date of Appointment : |
08.10.1991 |
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DIN No. : |
01756514 |
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Name : |
Mr. Rameshkumar Bhagwandas Gupta |
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Designation : |
Director |
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Address : |
7th – A, Raj Vaibhav Apartment, Near Commissioner Bunglow,
Piplod, |
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Date of Birth/Age : |
22.07.1956 |
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Date of Appointment : |
20.07.1997 |
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DIN No. : |
00836483 |
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Name : |
Mr. Rameshkumar Chandanbhan Agarwal |
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Designation : |
Director |
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Address : |
7A, Ruderaj Apartment, Behind Holiday Inn Hotel, Parle Point, |
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Date of Birth/Age : |
17.01.1967 |
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Date of Appointment : |
08.10.1991 |
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DIN No. : |
00691901 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Kumar Gupta |
|
145000 |
|
Naresh Kumar Gupta |
|
130000 |
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Manju R. Gupta |
|
30000 |
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Saroj N. Gupta |
|
50000 |
|
Vivek N. Gupta |
|
100000 |
|
Viakash R. Gupta |
|
40000 |
|
Naresh Kumar Gupta HUF |
|
67500 |
|
Ramesh Kumar Gupta HUF |
|
132515 |
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Punamchand Agrawal |
|
9500 |
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Ramcharan Agrawal |
|
86007 |
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Ramesh Agrawal |
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18000 |
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Vishal Kumar Agrawal |
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27500 |
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Minor Nishant Agrawal |
|
60000 |
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Bholaram Chanderbhan HUF |
|
249000 |
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Minor Hardik Agarwal |
|
15000 |
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Minor Mehul Agrawal |
|
30000 |
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Niraj Kejriwal |
|
1 |
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Rajni Agarwal |
|
1 |
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Ramcharan Agarwal HUF |
|
1 |
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Rinki Mour |
|
1 |
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Varsha Agarwal |
|
50000 |
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Vinod Kumar R. Agarwal HUF |
|
1 |
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Chaderbhan Agarwal |
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1 |
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Megha Agarwal |
|
50000 |
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Nirmala Agarwal |
|
1 |
|
Subhash Twister Private Limited |
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1 |
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Megatown Traders Private Limited ( |
|
50000 |
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Ink Financial Management Private Limited ( |
|
50000 |
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Total |
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1390030 |
As on 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all types of Sarees and Dress Material of Polyster,
Fabric Readymade Garments. |
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Products : |
Dyeing and Printing of Manmade Fabric Clothing |
GENERAL INFORMATION
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No. of Employees : |
Information not divulged by the management |
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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 : |
R.K.G. and Company Chartered Accountant |
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Address : |
409, Ajanta Shopping Textile Arcade, |
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Tel. No.: |
91-261-2325901 / 902 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1600000 |
Equity Shares |
Rs.10/- each |
Rs.16.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1390030 |
Equity Shares |
Rs.10/-each |
Rs.13.900
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 |
13.900 |
12.900 |
9.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.219 |
8.497 |
7.890 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.119 |
21.397 |
17.790 |
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LOAN FUNDS |
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1] Secured Loans |
23.862 |
16.698 |
18.727 |
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2] Unsecured Loans |
8.223 |
5.226 |
2.941 |
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TOTAL BORROWING |
32.085 |
21.924 |
21.668 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
55.204 |
43.321 |
39.458 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.793 |
18.751 |
18.272 |
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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 |
0.879 |
0.698 |
0.544 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.246
|
8.642 |
8.505 |
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Sundry Debtors |
38.186
|
42.821 |
24.745 |
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Cash & Bank Balances |
1.625
|
0.888 |
0.932 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
15.368
|
13.811 |
6.320 |
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Total
Current Assets |
61.425
|
66.162 |
40.502 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
27.456
|
41.674 |
19.593 |
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Other Current Liabilities |
0.033
|
0.213 |
0.100 |
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Provisions |
0.467
|
0.455 |
0.167 |
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Total
Current Liabilities |
27.956
|
42.342 |
19.860 |
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Net Current Assets |
33.469
|
23.820 |
20.642 |
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MISCELLANEOUS EXPENSES |
0.063 |
0.052 |
0.000 |
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TOTAL |
55.204 |
43.321 |
39.458 |
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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 |
210.613 |
197.421 |
127.314 |
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Other Income |
0.037 |
0.055 |
0.075 |
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TOTAL (A) |
210.650 |
197.476 |
127.389 |
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Less |
EXPENSES |
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Increase / (Decrease) in Stock |
(0.671) |
(1.090) |
0.767 |
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Raw Material consumed |
61.209 |
69.477 |
47.189 |
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Other Manufacturing Expenses |
122.746 |
104.546 |
63.844 |
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Administrative and Other Expenses |
18.457 |
17.486 |
9.012 |
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TOTAL (B) |
201.741 |
190.419 |
120.812 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.909 |
7.057 |
6.577 |
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Less |
FINANCIAL
EXPENSES (D) |
3.616 |
2.411 |
3.137 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.293 |
4.646 |
3.440 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
4.282 |
3.703 |
4.068 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.011 |
0.943 |
(0.628) |
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Less |
TAX (I) |
0.290 |
0.336 |
(0.059) |
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PROFIT AFTER TAX
(G-I) (J) |
0.721 |
0.607 |
(0.569) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8.497 |
7.890 |
8.459 |
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BALANCE CARRIED
TO THE B/S |
9.218 |
8.497 |
7.890 |
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Earnings Per
Share (Rs.) |
0.52 |
0.60 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.34
|
0.31 |
(0.45) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.48
|
0.48 |
(0.49) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.23
|
1.11 |
(1.07) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.04 |
(0.03) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.60
|
3.00 |
2.33 |
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Current Ratio (Current Asset/Current Liability) |
|
2.20
|
1.56 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
27.456
|
41.674 |
19.593 |
|
Total |
27.456
|
41.674 |
19.593 |
FUTURE OUTLOOK
The rapidly changing economic environment, liberised
industrial policy, improved balance of payment, convertibility of rupee on trade
and current account, reduction in the interest rates coupled with availability
of low cost foreign funds will provide accelerated growth. At the same time
competition with new entrants and multinationals and the liberlised imports at
lower tariff will pose threaten to the industry. The Company will respond to
the above by becoming learner, focusing on core business, upgrading products
and technology, developing capabilities of human resources, improving
industrial relations sharpening accountability and streamlining management
systems. These changes will take the organization more efficient and make it
stronger to face competition.
FIXED ASSETS
- Land
- ]Building
- Plant and Machinery
- Generator
- Steam Boiler
- Air Conditioner
- Computer
- Cycle
- Fire Extinguisher
- Furniture and Fixtures
- Office Equipment
- Scooter
- Car
- Tempo
- Flat
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.45.28 |
|
|
1 |
Rs.73.30 |
|
Euro |
1 |
Rs.63.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
NO |
|
--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.