MIRA
INFORM REPORT
|
Report Date : |
18.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRISM GAS DETECTION PRIVATE LIMITED (w.e.f. 14.07.2007) |
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Formerly Known
As : |
PRISM ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
213 Oshiwara Industrial Centre, New |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.02.1987 |
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Com. Reg. No.: |
11-42549 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 million |
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CIN No.: [Company Identification
No.] |
U31900MH1987PTC042549 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Gas Detectors and Monitoring Systems. |
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No. of Employees
: |
20 (Office-5, Factory-15) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15000 |
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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. Company can be considered normal for business dealings at usual trade
terms and condition. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Nahar |
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Designation : |
Chief Accountant |
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Date : |
18.10.2011 |
LOCATIONS
|
Registered Office : |
213 Oshiwara Industrial Centre, New |
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Tel. No.: |
91-22-28761387/ 28778974 |
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Fax No.: |
91-22-28766116 / 25255403 |
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E-Mail : |
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Website : |
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Area : |
415 sq ft |
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Location : |
Owned |
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Corporate Office : |
240, Oshiwara Industrial Centre, New |
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Factory: |
13/14, |
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Area : |
2000 |
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Location : |
Owned |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Subhash Chander Kakkar |
|
Designation : |
Director |
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Address : |
213 Oshiwara Industrial Centre, New |
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Date of Birth/Age : |
07.12.1954 |
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Qualification : |
B.Tech |
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Date of Appointment : |
13.02.1987 |
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DIN No.: |
00882388 |
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Name : |
Mr. Krishan Kakkar |
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Designation : |
Director |
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Address : |
Z-1002, Golden Rays Shastri Nagar, Andheri (West), Mumbai – 400053, |
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Date of Birth/Age : |
21.11.1955 |
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Qualification : |
C.A |
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Date of Appointment : |
13.02.1987 |
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DIN No.: |
01555141 |
KEY EXECUTIVES
|
Name : |
Mr. Nahar |
|
Designation : |
Chief Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Subhash Kakkar |
7900 |
|
Kiran Kakkar |
7700 |
|
Krishan Kakkar |
200 |
|
Anil Kakkar and Indu Kakkar |
5100 |
|
Jagdish Kakkar and Shantarani Kakkar |
10050 |
|
Nirmal Kakkar and Satish Kakkar |
50 |
|
Krishan Kakkar nad Anu kakkar |
10000 |
|
Sybhash Kakkar H.U.F. |
5000 |
|
Krishan Kakkar H.U.F. |
2500 |
|
Anu Kakkar |
1500 |
|
Total |
50000 |
AS ON 29.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Gas Detectors and Monitoring Systems. |
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|
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Products : |
·
Multi Gas Detector ·
Other Gas Detector ·
Flue Gas Analysers ·
Occupational Safety Equipment ·
Combustable Gas Detector ·
Toxic Gas Detector |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
20 (Office-5, Factory-15) (Approximatley) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.D. Saraf and Company Chartered Accountants |
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Address : |
1103, |
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Tel. No.: |
91-22-30284848 (6 line) |
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Fax No.: |
91-22-30284850 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
Rs.10/- each |
Rs. 1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500
Million |
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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 |
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|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
3.329 |
2.719 |
2.879 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
3.829 |
3.219 |
3.379 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.140 |
4.182 |
4.837 |
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|
2] Unsecured Loans |
4.305 |
3.895 |
2.895 |
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TOTAL BORROWING |
9.445 |
8.077 |
7.732 |
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DEFERRED TAX LIABILITIES |
0.744 |
0.731 |
0.659 |
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TOTAL |
14.018 |
12.027 |
11.770 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.054 |
8.003 |
8.480 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.027 |
0.027 |
0.027 |
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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 |
3.370
|
2.245
|
1.910
|
|
|
Sundry Debtors |
4.587
|
4.484
|
3.143
|
|
|
Cash & Bank Balances |
0.808
|
0.187
|
0.087
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
2.258
|
0.836
|
1.047
|
|
Total
Current Assets |
11.023
|
7.752 |
6.187 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
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|
|
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Other Current Liabilities |
4.886
|
3.660
|
2.298
|
|
|
Provisions |
0.200
|
0.095
|
0.626
|
|
Total
Current Liabilities |
5.086
|
3.755 |
2.924 |
|
|
Net Current Assets |
5.937
|
3.997
|
3.263
|
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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|
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TOTAL |
14.018 |
12.027 |
11.770 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
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Income |
31.344 |
22.939 |
21.689 |
|
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Other Income |
NA |
NA |
0.287 |
|
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TOTAL |
NA |
NA |
21.976 |
|
|
|
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
NA |
19.414 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.367 |
0.542 |
2.562 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.544 |
0.539 |
0.520 |
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PROFIT BEFORE
TAX |
0.823 |
0.003 |
2.042 |
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Less |
TAX |
0.213 |
0.162 |
0.780 |
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PROFIT / (LOSS)
AFTER TAX |
0.610 |
(0.159) |
1.262 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.219 |
1.379 |
0.117 |
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|
|
|
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BALANCE CARRIED
TO THE B/S |
1.829 |
1.219 |
1.379 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
5.74
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.63
|
0.01
|
9.41
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.31
|
0.04
|
13.92
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.00
|
0.60
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.99
|
3.68
|
3.15
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17
|
2.06
|
2.11
|
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The sales have increased to Rs. 31.344 millions as compared to Rs. 22.939
millions in previous year showing a growth of 36.64%. The profitability also
improved and company was able to maintain profit level at Rs. 0.823 million as
against Rs. 0.004 million in previous year. They can hopefully see the better
future looking in to present improvement in overall economy.
FORM 8
|
Corporate
identity number of the company |
U31900MH1987PTC042549 |
|
Name of the
company |
PRISM GAS DETECTION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
The Saraswat
Cooperative Bank Limited, SME Vile Parle Branch, Bholanath Co-operative
Housing Society, Subhash Road, Vile Parle East, Mumbai-400057, Maharashtra,
India |
|
Nature of
instrument creating charge |
Supplementary
Recording Letter Evidencing Deposit of Title Deeds Recording Letter
Evidencing Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
18.10.2010 |
|
Amount secured by
the charge |
Rs. 18.894
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 13% p.a. or at
such rate as maybe determined by the bank from time to time Terms of repayment Term Loan: 60
months Margin 25% in bank's
favour Extent and operation of the charge Cash credit: Rs
3.000 millions (existing) Term loan: Rs
3.000 millions (existing) Bank Guarantee:
Rs 2.500 millions (existing) term Loan I: Rs
4.294 millions (new) Collateral: Rs
6.100 millions (new) |
|
Short particulars
of the property charged (Including location of the property) |
Mortgage by deposit of title deed property lying,
being, and situate at Unit no 111, 1st floor CSC at Shakti Apartment Paschim
Vihar New Delhi 110063 Mortgage by deposit of title deed property lying,
being, and situate at Gala no 213, Oshiwara Industrial Estate, New Link Road,
Goregaon West Mumbai |
|
Charge
identification number of the charge to be modified |
90223003 |
|
Date of
instrument modifying the charge |
31.03.2000 |
|
Particulars of
the present modification |
New term loan of
Rs 4.294 millions and collateral security of Rs 6.100 millions granted
against security of immovable property at Oshiwara Ind Estate, Goregaon and
Unit no 111, Paschim Vihar New Delhi. Overall limit secured by immovable
property is enhanced to Rs 18.894 millions (Cash credit: Rs 3.000 millions
,Term loan: Rs 3.000 millions ,Bank Guarantee: Rs 2.500 millions ,term Loan
I: Rs 4.294 millions, Collateral: Rs 6.100 millions) |
Fixed Assets:
- Office Premises
- Computers
- Furniture and Fixtures
- Plant and machinery
- Air Conditions
- Office equipments
- Motor Car
- Electric Installations
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. 48.89 |
|
|
1 |
Rs. 77.31 |
|
Euro |
1 |
Rs. 67.78 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.