|
Report Date : |
20.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
PROMA INDUSTRIES LIMITED |
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|
|
|
Formerly Known
As : |
PROMA OVERSEAS TRADELINKS LIMITED |
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|
|
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Registered
Office : |
C-62, Sarojini Marg, C-Scheme, Jaipur – 302001, Rajasthan |
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
10.09.1990 |
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|
|
|
Com. Reg. No.: |
17-005581 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.10.224 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51101RJ1990PLC005581 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP16158C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP6230G |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer and Exporter of Texturised Yarn. |
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|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 640000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. K.K. Sharma |
|
Designation : |
Finance Manager |
|
Date : |
10.02.2012 |
|
|
|
|
Name : |
Mr. Pramod |
|
Designation : |
Director |
|
Date : |
10.02.2012 |
LOCATIONS
|
Registered Office : |
C-62, Sarojini Marg, C-Scheme, Jaipur – 302001, |
|
Tel. No.: |
91-141-2378097 |
|
Mobile No.: |
91-9323273176 (Mr. Pramod Gupta) |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head/ Corporate Office : |
11 and 12, Rayfreda, Off MV Marg, Chakala, Andheri (East), Mumbai -
400 093, |
|
Tel. No.: |
91-22-67284100-99/ 66791882/ 83/ 84/ 66916437 |
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Fax No.: |
91-22-67284155/ 26871655 |
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E-Mail : |
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|
Location : |
Owned |
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|
|
Factory : |
Plot No.19-A, G.I.D.C., |
|
Location : |
Owned |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Pramod Ramkumar Gupta |
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Designation : |
Director |
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Address : |
E-502, Maheshwari Nagar, MIDC, Andheri (East), Mumbai - 400 058, |
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Date of Birth/Age : |
05.10.1957 |
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Date of Appointment : |
30.03.1992 |
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DIN No.: |
00166784 |
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Other Directorship :
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Name : |
Mr. Ramkumar Kanaiyalal Gupta |
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Designation : |
Director |
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Address : |
E-502, Maheshwari Nagar, MIDC, Andheri (East), Mumbai - 400 058, |
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Date of Birth/Age : |
26.09.1932 |
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Date of Appointment : |
08.08.1993 |
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DIN No.: |
02683639 |
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Other Directorship :
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Name : |
Mr. Hiralal Jagdish Modi |
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Designation : |
Director |
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|
Address : |
5, Swaminarayanan Co-Operative Housing Society Limited, Kapur Bawdi,
Thane (West) – 400 607, |
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Date of Birth/Age : |
19.01.1961 |
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Date of Appointment : |
01.10.2003 |
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DIN No.: |
01379612 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. K.K. Sharma |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
No. of Equity
Shares |
|
Ajay Kumar Goel |
1 |
|
Mamta Pramod Gupta |
15870 |
|
Pramod Kumar Gupta |
47078 |
|
Rashmi Naresh Gupta |
2766 |
|
Ram Kumar Gupta |
5146 |
|
Akshay Pramod Gupta |
1 |
|
Pramod Kumar Gupta (HUF) |
1 |
|
Total |
70863 |
|
Names of Shareholders |
No. of
Preference Shares |
|
Kores ( |
5000 |
|
Omprakash M. Sharma |
750 |
|
Bhavesh Sharma |
100 |
|
Satish P. Sharma |
1300 |
|
Rajani R. Sharma |
100 |
|
Pradeep B. Agrawal |
1250 |
|
Usha Om Sharma |
500 |
|
Satish P. Sharma (HUF) |
500 |
|
Niranjan S. Vyas (HUF) |
500 |
|
Niranjan S. Vyas |
500 |
|
Rajendra T. Mishra |
500 |
|
Bharat Sharma |
500 |
|
Yatish R Sharma (HUF) |
500 |
|
Chamelidevi Sharma |
500 |
|
Menka S. Sharma |
500 |
|
Amarnath M. Sharma (HUF) |
1000 |
|
Rajendra T. Mishra (HUF) |
500 |
|
Vimala P. Tiwari |
500 |
|
Radha Chemicals Private Limited, |
1000 |
|
Neel Kanth Goods Private Limited, |
500 |
|
Amarnath Sharma |
250 |
|
Bhagirathi Tie Up Private Limited, |
2000 |
|
Chitrkoot Advisor Private Limited |
1000 |
|
Inox Trade Private Limited |
1000 |
|
Juhi Agencies Private Limited |
2300 |
|
Lovely Commercial Private Limited |
500 |
|
Novelty Agencies Private Limited |
1200 |
|
Parijat Tie Tips Private
Limited, |
800 |
|
Rajnigandha Dist Private Limited, |
500 |
|
Rishiraj Nirmal Private Limited |
3000 |
|
Sonal Cosmetics Export Limited |
300 |
|
Sonal Sil Chem Limited |
500 |
|
Subodh Corporation |
1025 |
|
Suvidha Securities Private Limited |
500 |
|
Total |
31375 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Texturised Yarn. |
GENERAL INFORMATION
|
Suppliers (As on 31.03.2010) : |
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Customers (As on 31.03.2010) : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Amar Prashant and Associates Chartered Accountants |
|
Address : |
409, |
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Tel. No.: |
91-22-28618446 (5 Lines)/ 28626933 |
|
Fax No.: |
91-9819082690/ 9869012520 |
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E-Mail : |
|
|
PAN.: |
AAQFA4920K |
CAPITAL STRUCTURE
As on 28.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
|
125000 |
Zero interest Non Cumulative optionally convertible Redeemable
preference shares |
Rs.100/- each |
Rs.12.500 Millions |
|
|
TOTAL |
|
Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70863 |
Equity Shares |
Rs.100/-
each |
Rs.7.086
Millions |
|
103565 |
Zero interest Non Cumulative optionally convertible Redeemable
preference shares |
Rs.100/- each |
Rs.10.357
Millions |
|
|
TOTAL |
|
Rs.17.443 Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
200000 |
Zero interest Non Cumulative optionally convertible Redeemable
preference shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
TOTAL |
|
Rs.30.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70863 |
Equity Shares |
Rs.100/-
each |
Rs.7.086
Millions |
|
31375 |
Zero interest Non Cumulative optionally convertible Redeemable
preference shares |
Rs.100/- each |
Rs.3.138
Millions |
|
|
TOTAL |
|
Rs.10.224 Millions |
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 |
10.224 |
17.443 |
15.980 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
150.845 |
148.625 |
132.645 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
161.069 |
166.068 |
148.625 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
42.919 |
21.963 |
22.731 |
|
|
2] Unsecured Loans |
2.500 |
0.000 |
3.487 |
|
|
TOTAL BORROWING |
45.419 |
21.963 |
26.218 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
206.488 |
188.031 |
174.843 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
67.400 |
64.717 |
58.585 |
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
|
|
|
|
|
43.231 |
43.131 |
3.031 |
|
|
INVESTMENT |
3.163 |
2.790 |
2.184 |
|
|
DEFERREX TAX ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
25.353
|
14.793
|
14.289 |
|
|
Sundry Debtors |
30.007
|
25.826
|
29.242 |
|
|
Cash & Bank Balances |
0.689
|
0.219
|
0.112 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
73.033
|
65.106
|
87.011 |
|
Total
Current Assets |
129.082
|
105.944 |
130.654
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.267
|
12.592
|
10.781 |
|
|
Other Current Liabilities and Provisions |
13.121
|
15.959
|
8.830 |
|
Total
Current Liabilities |
36.388
|
28.551
|
19.611 |
|
|
Net Current Assets |
92.694
|
77.393
|
111.043 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
206.488 |
188.031 |
174.843 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
603.622 |
542.403 |
216.706 |
|
|
|
Other Income |
12.803 |
14.660 |
16.251 |
|
|
|
TOTAL (A) |
616.425 |
557.063 |
232.957 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Direct Expenses |
605.377 |
532.566 |
200.924 |
|
|
|
Office and Administrative Expenses |
9.752 |
11.537 |
5.086 |
|
|
|
Selling and Distribution Expenses |
0.976 |
4.095 |
0.487 |
|
|
|
Increase/ Decrease in stock |
(10.560) |
(0.504) |
16.576 |
|
|
|
TOTAL (B) |
605.545 |
547.694 |
223.073 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.880 |
9.369 |
9.884 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.308 |
1.132 |
0.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.572 |
8.237 |
9.656 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.288 |
5.593 |
4.672 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.284 |
2.644 |
4.984 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.050 |
(0.197) |
0.261 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
2.234 |
2.841 |
4.723 |
|
|
|
|
|
|
|
|
|
|
Excess/ (Short)
Provision for Income Tax |
(0.014) |
(0.023) |
0.008 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.158 |
17.340 |
12.624 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
22.378 |
20.158 |
17.355 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.85 |
16.29 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.36
|
0.51
|
2.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.38
|
0.49
|
2.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.16
|
1.55
|
2.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.02
|
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.30
|
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.55
|
3.71
|
6.66 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered address of the company
OPERATIONS
During the year the company earned an income of Rs.616.425 Millions as
against Rs.557.063 Millions as achieved during the corresponding period of
previous year. After offsetting the expenses the company made a profit (after
tax) of Rs.2.658 Millions as against profit of Rs.2.841 Millions earned during
the corresponding period of previous year. The directors are optimistic about
the future of the company.
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51101RJ1990PLC005581 |
|
Name of the
company |
PROMA INDUSTRIES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Movable Property Current and Fixed
Assets |
|
Particular of
charge holder |
Corporation Bank,
SME-Marol Branch, Sarhar Bonanza Plaza, Marol Andheri, Kurla Road,
Andheri-East, Mumbai – 400059, Email Id : adlalwani@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
1.Common deed of
hypothecation of movables/assets/debts 2.Memorandum of
deposit of title deeds (all the above
agreement constitute a single charge) |
|
Date of
instrument Creating the charge |
18.04.2009 |
|
Amount secured by
the charge |
Rs.60.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
Bank from time to time Terms of
Repayment As stipulated by
Bank from time to time Margin As stipulated by
Bank from time to time Extent and
Operation of the charge First charge(present
and future)-total limit Rs.60.000 Millions (cash credit=Rs.50.000 Millions,
Import/Inland LC cum BG=Rs.10.000 Millions) and or as stipulated by bank from
time to time Others As stipulated by
bank from time to time and as per agreement attached and as per sanction
letter of the bank |
|
Short particulars
of the property charged |
First charge
(present and future)-(1)hypothecation of all fixed and movable assets
including all plant and machinery etc(2)hypothecation of all current assets
including inventory and book debts(3)EMG of Plot No 19-A,Government
Industrial Estate, Survey No 444/I(Part),Village Masat, UT of D and NH,
Silvassa, admeasuring 1000 sq. mts and building thereon |
FIXED ASSETS:
·
Land
·
Building
·
Vehicle
·
·
Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Air Condition and Cooler
·
Officer Equipment
·
Computer
·
Aircooled Compressor
·
Printer and Fax
·
Vehicles
·
Flat at Hiranandani
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
46 |
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.