MIRA
INFORM REPORT
|
Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
PUSHPAK PRODUCTS INDIA PRIVATE LIMITED |
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Registered
Office : |
No. 296, Pushpak Garden, Thore Mudalapalya, Chikkamaranahalli Hobli,
Nelamangala Taluk, Bangalore 562123, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.07.2003 |
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Com. Reg. No.: |
045973 |
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Capital
Investment / Paid-up Capital : |
Rs.12.950 millions |
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CIN No.: [Company Identification
No.] |
U29150KA2003PTC045973 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer and Exporter of Furniture for Office, Shopping Malls,
Homes, Shop Floors. |
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No. of Employees
: |
60 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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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 87424 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 but correct. The company can be considered for business dealings with some
cautions. Profit and Loss Accounts are not Available. |
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 |
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Risk Category |
ECGC
Classification |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Bhagwan |
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Designation : |
Accountant |
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Contact No.: |
91-9379233306 |
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Date : |
03.02.2012 |
LOCATIONS
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Registered Office /Factory : |
No. 296, Pushpak Garden, Thore Mudalapalya, Chikkamaranahalli Hobli,
Nelamangala Taluk, Bangalore 562123, Karnataka, India |
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Tel. No.: |
91-80-28382031 |
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Mobile No.: |
91-9379233306 (Mr. Bhagwan) |
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Fax No.: |
91-80-28384646 |
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E-Mail : |
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Website : |
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Area : |
10000 sq.ft |
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Location : |
Owned |
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Factory 2 : |
No. 303, 'Pushpak', MES Ring Road, Jalahalli, Bangalore 560013,
Karnataka, India |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. C S Prakash |
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Designation : |
Director |
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Date of Birth/Age : |
20.05.1969 |
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Date of Appointment : |
22.07.2003 |
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DIN No.: |
01716326 |
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Name : |
Mrs. Veena
Prakash |
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Designation : |
Director |
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Date of Birth/Age : |
07.06.1974 |
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Date of Appointment : |
22.07.2003 |
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DIN No.: |
01716295 |
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Name : |
Mr. Sundara
Murthy |
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Designation : |
Director |
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Date of Birth/Age : |
10.03.1943 |
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Date of Appointment : |
22.07.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Bhagwan |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. C S Prakash |
1011360 |
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Mrs. Veena
Prakash |
145620 |
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Mr. Sundara
Murthy |
48020 |
|
HN Gopal Rao |
20000 |
|
Kapini Pathaiah |
20000 |
|
Parimala |
30000 |
|
Poornima K |
20000 |
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Total
|
1295000 |
AS ON 29.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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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 and Exporter of Furniture for Office, Shopping Malls,
Homes, Shop Floors. |
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Products : |
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Exports : |
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Countries : |
Europe, UK, Germany |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
·
Wholesaler ·
Retailers · Samsung India Software Operations Private Limited · Bosch Limited – Nasik · Air India SATS · BEL - TALOJA MUMBAI · Armstrong Manufacturing Center · Denso Kriloskar Industries Private Limited · Kennametal Widia India Limited · Toyota Kirloskar Auto Parts Private Limited (100% EOU) · Toyotetsu India Auto Parts Private Limited |
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No. of Employees : |
60 Approximately |
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Bankers : |
·
Small Industries Development Bank of India,
Khanija Bhavan, East Wing, 5th Floor, No. 49, Race Cource Road,
Bangalore 560001, Karnataka, India ·
Centurion Bank of Punjab Limited, SME Division,
Millers Boulevard, No. 70/2, 2nd Floor, Millers Road, Bangalore
560052, Karnataka, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Muralidharan and Manogaran Chartered Accountant |
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Address : |
No.511, 26th
Main BTM Layout, 2nd Stage, Bangalore – 560 076, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2000000 |
Equity Shares |
Rs. 10 each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1295000 |
Equity Shares |
Rs. 10 each |
Rs.12.950 millions |
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Share Application Money |
|
Rs. 1.820 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 |
12.950 |
9.950 |
9.950 |
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2] Share Application Money |
1.820 |
4.097 |
0.500 |
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3] Reserves & Surplus |
7.086 |
6.634 |
5.597 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.856 |
20.681 |
16.047 |
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LOAN FUNDS |
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1] Secured Loans |
26.103 |
24.651 |
21.258 |
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2] Unsecured Loans |
0.700 |
7.500 |
0.000 |
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TOTAL BORROWING |
26.803 |
32.151 |
21.258 |
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DEFERRED TAX LIABILITIES |
1.664 |
1.403 |
1.045 |
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TOTAL |
50.323 |
54.235 |
38.350 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.946 |
28.193 |
22.290 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.593
|
12.630 |
10.812 |
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Sundry Debtors |
12.632
|
22.229 |
13.051 |
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Cash & Bank Balances |
1.048
|
2.209 |
1.051 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
5.551
|
5.181 |
5.521 |
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Total
Current Assets |
36.824
|
42.249 |
30.435 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
14.151
|
15.144 |
11.396 |
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Other Current Liabilities |
0.000 |
0.000 |
0.000 |
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Provisions |
1.296
|
1.063 |
2.979 |
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Total
Current Liabilities |
15.447
|
16.207 |
14.375 |
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Net Current Assets |
21.377
|
26.042 |
16.060 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
50.323 |
54.235 |
38.350 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.00
|
2.40 |
2.28 |
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Current Ratio (Current Asset/Current Liability) |
|
2.38
|
2.60 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Registered office of the company has been shifted from 5/597D2 Nehru Street, Kamaraj Nagar, Salem 636005, Tamilnadu, India to the present address w.e.f. 31.08.2007.
FIXED ASSETS:
·
Land
·
Building at Nelamangala
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Laptop
·
Vehicle
·
Office Equipments
·
Alluminium Partition
·
Mobile Instrument
FORM 8
|
Corporate identity
number of the company |
U29150KA2003PTC045973 |
|
Name of the
company |
PUSHPAK PRODUCTS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 296, Pushpak Garden, Thore Mudalapalya, Chikkamaranahalli Hobli,
Nelamangala Taluk, Bangalore 562123, Karnataka |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
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Particular of
charge holder |
Small Industries Development Bank of India, Khanija Bhavan, East Wing,
5th Floor, No. 49, Race Cource Road, Bangalore 560001, Karnataka,
India Email: sdas@sidbi.in |
|
Nature of
instrument creating charge |
As mentioned in
the Sanction letter, Loan agreement and Mortgage agreement |
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Date of
instrument Creating the charge |
03.05.2010 |
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Amount secured by
the charge |
Rs. 18.300
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 11.5% per annum
with monthly rests on the principle amount of loan out standing from time to
time, payable on 10th of each month and subject to change in the interest
rate made by RBI Terms of repayment 72 monthly
installment comprises of: Rs. 0.150 million
each in first 13 installments Rs. 0.200 million
each in next 12 installments Rs. 0.250 million
each in next 12 installments Rs. 0.315 million
each in next 34 installments Rs. 0.240 million
in the last installment. Commencing after a moratorium of 12 months. Margin As per enclosed
sanction letter. Extent and operation of the charge On the primary
and collateral security to the extent of Rs. 18.300 millions including
interest, penal interest, cost, charges and expenses. |
|
Short particulars
of the property charged (Including location of the property) |
Property bearing
No.22 E 1 and 22 E 2 part, situated at
Abbanakuppe Village, Bidadi Hobli, Bidadi Industrial area, Ramanagara
District, measuring 4202 sq. mts. Property bearing
No.22 E 1 and 22 E 2 part 2, renumbered as 22 E1P and 22E 2P Sy No.11 and 12,
24 and 132 at Abbanakuppe Village,
Bidadi Hobli, Bidadi Indl area, Ramanagara District, measuring 3507 sq. mts. Industrial
converted land bearing Khatha No.296 Sy No.12/2, at Chikkamarenahalli, Kasabu
Hobli, Nelamangala Taluk, Bangalore Rural, measuring 1.0 Acre of Land. |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter's background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
No |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
No |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter
involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
-- |
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25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
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.49.07 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.65.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
32 |
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.