MIRA
INFORM REPORT
|
Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
PACL LIMITED (w.e.f. 12.10.2007) |
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|
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Formerly Known
As : |
PACL INDIA LIMITED |
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Registered
Office : |
22, 3rd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.02.1996 |
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Com. Reg. No.: |
17-011577 |
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Capital
Investment/ Paid-up Capital: |
Rs.401.223 Millions |
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CIN No.: [Company Identification
No.] |
U70101RJ1996PLC011577 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Real Estate Developer The company is also engaged in sale and purchase of agricultural land
and supported with huge land Bank |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Poor |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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Comments : |
Subject was incorporated in the year 1996. There seems some legal
cases for allegedly duping investors in a housing scheme in Rajasthan, PACL Unit
head was arrested. Company also Violating the money circulation Act 1978.
Sebi to take early hearing for disposal of the seven year case. Subject is an established company having poor track. The company has
been found doing fraudulent activities. Financial position appears to be
sound. The company can be considered for business dealings on a safe and
secured 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 : |
22, 3rd Floor, |
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Tel. No.: |
91-141-2368608 |
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Fax No.: |
Not Available |
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E-Mail : |
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Corporate Office : |
7th Floor, Gopaldas Bhawan, |
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Tel. No.: |
91-11-43650000 |
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Fax No.: |
91-11-13650028 |
DIRECTORS
AS ON: 30.09.2011
|
Name : |
Mr. Sukhdev Singh |
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Designation : |
Chairman Cum Managing Director |
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Address : |
V and PO Jhalian Kalan, The and Distt: Ropar, |
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Date of Birth/Age : |
25.10.1957 |
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Date of Appointment : |
05.05.1999 |
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DIN No : |
00498732 |
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Other Directorships :
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Name : |
Mr. Tarlochan Singh |
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Designation : |
Director |
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Address : |
V and PO Bhoje Majra, Teh and Distt: Ropar, |
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Date of Birth/Age : |
25.04.1965 |
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Date of Appointment : |
05.05.1999 |
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DIN No : |
00498624 |
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Other Directorships :
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Name : |
Mr. Subrata Bhattacharya |
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Designation : |
Director |
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Address : |
House No. 1A, Road 72, West Punjabi Bagh, |
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Date of Birth/Age : |
14.02.1961 |
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Date of Appointment : |
01.02.2009 |
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DIN No : |
00570538 |
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Other Directorships :
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Name : |
Mr. Gurmeet Singh |
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Designation : |
Director |
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Address : |
DP-9, Maurya Enclave, Pitampura, |
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Date of Birth/Age : |
22.03.1965 |
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Date of Appointment : |
01.02.2009 |
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DIN No : |
00067223 |
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Other Directorships :
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KEY EXECUTIVES
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Name : |
Mr. Anurag Sharma |
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Designation : |
Company Secretary |
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Address : |
H-5/13, IInd Floor, Malviya Nagar, |
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Date of Birth/Age : |
14.09.1980 |
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Date of Appointment : |
26.09.2011 |
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PAN No : |
AYQPS8008J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Tarlochan Singh |
|
1025168 |
|
Sukhdev Singh |
|
1283248 |
|
Bandana Securities Limited, |
|
1100000 |
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Aryabhat Financial Service Limited, |
|
1690000 |
|
Jaswant Singh |
|
18000 |
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Gurmeet Singh |
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18000 |
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Gulzar Singh |
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18000 |
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Jora Singh |
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18000 |
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Parminder Singh |
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18000 |
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Jasminder Singh |
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18000 |
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Kamakjit Kaur |
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38000 |
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Harjit Kaur |
|
239128 |
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Kulwant Kaur |
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26000 |
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Manjit Kaur |
|
38000 |
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Gurmail Kaur |
|
88000 |
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Karamjit Kaur |
|
38000 |
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Kuldeep Kaur |
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38000 |
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Surinder Kaur |
|
10000 |
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Jaspal Kaur |
|
38000 |
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Baljit Kaur |
|
38000 |
AS ON: 30.09.2011
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Category |
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Percentage |
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Bodies corporate |
|
89.39 |
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Directors or relatives of directors |
|
7.28 |
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Other top fifty shareholders |
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3.33 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developer The company is also engaged in sale and purchase of agricultural land
and supported with huge land Bank |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Punjab National Bank, Kirti Nagar, New Delhi – 110015, Delhi, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. K. Rathore And Company Chartered Accountant |
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Address : |
211, IIND FLOOR, Dakha Chamber - I, 2068/38, Naiwala, Karolgh, Bagh, New Delhi-110005, |
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Pan No : |
AAGPR1606R |
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Wholly owned subsidiary : |
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Subsidiary : |
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Other Subsidiaries Companies : |
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Associates Companies : |
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Joint Venture ; |
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Enterprises where KMP and/ or relatives of KMP exercise significant
influence : |
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CAPITAL STRUCTURE
AS ON: 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Share |
Rs.10/- each |
Rs.1000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40122344 |
Equity Share |
Rs.10/- each |
Rs.401.223 Millions |
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|
|
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AS ON: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Share |
Rs.10/- each |
Rs.500.000 Millions |
|
5000000 |
Preference Share |
Rs.10/- each |
Rs.50.000 Millions |
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Total |
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Rs.550.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
40122344 |
Equity Share |
Rs.10/- each |
Rs.401.223
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
401.223 |
178.487 |
73.606 |
|
|
2] Share Application Money |
0.000 |
31.700 |
0.000 |
|
|
3] Reserves & Surplus |
1173.573 |
734.335 |
357.660 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1574.796 |
944.522 |
431.266 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
268.079 |
193.045 |
137.157 |
|
|
|
|
|
|
|
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TOTAL |
1842.875 |
1137.567 |
568.423 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4891.486 |
2799.310 |
1923.444 |
|
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Capital work-in-progress |
45.004 |
12.334 |
36.008 |
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|
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INVESTMENT |
4072.543 |
2630.223 |
1168.623 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
140080.678
|
114006.336 |
73670.497 |
|
|
Sundry Debtors |
597.656
|
244.399 |
108.360 |
|
|
Cash & Bank Balances |
8215.454
|
11774.430 |
7140.126 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
91286.918
|
77096.799 |
57251.574 |
|
Total
Current Assets |
240180.706
|
203121.964 |
138170.557 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
363.568
|
266.661 |
230.945 |
|
|
Other Current Liabilities |
246179.635
|
206741.832 |
140131.976 |
|
|
Provisions |
803.661
|
417.771 |
367.288 |
|
Total
Current Liabilities |
247346.864
|
207426.264 |
140730.209 |
|
|
Net Current Assets |
(7166.158)
|
(4304.300) |
(2559.652) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1842.875 |
1137.567 |
568.423 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
59718.280 |
6011.975 |
7318.512 |
|
|
|
Other Income |
662.645 |
771.753 |
618.411 |
|
|
|
TOTAL (A) |
60380.925 |
6783.728 |
7936.923 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee related expenses |
1014.562 |
659.382 |
|
|
|
|
Administrative selling other expenses |
58401.033 |
5634.918 |
7188.420 |
|
|
|
Prior period expenses |
0.446 |
0.411 |
|
|
|
|
Exceptional income expenses |
(272.870) |
(328.301) |
|
|
|
|
TOTAL (B) |
59143.171 |
5966.410 |
7188.420 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1237.754 |
817.318 |
748.503 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1237.754 |
817.318 |
748.503 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
150.361 |
108.592 |
155.058 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1087.393 |
708.726 |
593.445 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
453.956 |
258.737 |
337.576 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
633.437 |
449.989 |
255.870 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
655.933 |
352.682 |
315.250 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
NA |
146.738 |
218.437 |
|
|
|
|
Transfer to General Reserve |
|
|
|
|
|
|
Dividend |
|
|
|
|
|
|
Tax on Dividend |
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
655.933 |
352.682 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
0.550 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.50 |
30.56 |
36.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.05
|
6.63 |
3.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.82
|
11.79 |
8.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.44
|
0.34 |
0.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.69
|
0.75 |
1.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
157.06
|
219.61 |
326.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.98 |
0.98 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
----- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
----- |
|
Litigations
that the firm / promoter involved in |
----- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
----- |
|
Buyer
visit details |
----- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
CONTINGENT LIABILITIES:
|
Particular |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In
Millions) |
|
|
Corporate Guarantee issued on behalf of Kurali Toll Bridge Company Private Limited |
142.400 |
142.400 |
|
Corporate Guarantee to PNB Kirti Nagar, New Delhi for Pearls Broadcasting Limited |
174.000 |
147.000 |
|
Legal case filed against company |
130.823 |
95.461 |
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U01122RJ1996PLC011577 |
|
Name of the
company |
PACL INDIA
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
22, 3RD Floor, |
|
This form is for |
Modification
of charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
State Bank of E-mail: sbi.01712@sbi.co.in |
|
Nature of
instrument creating charge |
Consent of the Bank
for the modification of charge due to replacement of mortgaged property
charged in Lieu of Corporate Guarantee Given To M/S Kurali Toll Bridge
Company Limited |
|
Date of
instrument Creating the charge |
28.09.2007 |
|
Amount secured by
the charge |
Rs.142.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As Per The
Instrument Creating Charge In Lieu Of Corporate Guarantee Given To M/S Kurali
Toll Bridge Company Limited Terms of repayment As Per The
Instrument Creating Charge In Lieu Of Corporate Guarantee Given To M/S Kurali
Toll Bridge Company Limited Margin As Per The
Instrument Creating Charge In Lieu Of Corporate Guarantee Given To M/S Kurali
Toll Bridge Company Limited Extent and
operation of the charge As Per The
Instrument Creating Charge In Lieu Of Corporate Guarantee Given To M/S Kurali
Toll Bridge Company Limited |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
SCO Site 109-110,
Sector 43b, |
|
Particulars of
the present modification |
Replacement Of
The Property Already Charged I.E. Plot No. 6, Sector-3, Mangalam Palace, New Delhi
with The Properties Situated At SCO Site 109-110, Sector 43b, Chandigarh And
B-1/5, Paschim Vihar, New Delhi. |
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
Office Equipment
·
Computer Equipment
·
Furniture and Fixtures
·
Vehicles
NEWS:
PACL unit head jailed for duping investors in
Rajasthan housing scheme
December 15, 2011
JAIPUR: Police on
Wednesday arrested the Jaipur unit head of realty company PACL for allegedly duping
investors of over Rs 6000.000 Millions in a housing scheme in Rajasthan.
State police said
the Jaipur unit of PACL was luring investors by promising them land on
instalments without giving informing on the location and the site plan.
"The amount
may go up to Rs 6,0000.000 Millions, as the company has similar operations in
other parts of the country," deputy commissioner of police Ashok Naruka
said. The firm has 500,000 members in Rajasthan alone.
"At the end
of the term, the company was offering land in a remote Assam village to buyers
in Rajasthan, and a piece of land in Rajasthan to buyers of otherstates,"
the police officer said, adding that customers were left with no option but to
forgo the allotment and accept whatever money the company returned from the
principal deposit. It is a violation of the Money Circulation Act,
1978, Naruka added.
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.52.79 |
|
|
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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.