MIRA
INFORM REPORT
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Report Date : |
06.01.2012 |
IDENTIFICATION DETAILS
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Name : |
PRAYAG CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
314, PP Tower, Netaji Subhash Place, Pitampura, Delhi – 110034 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
05.10.1993 |
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Com. Reg. No.: |
55-125350 |
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Capital
Investment / Paid-up Capital : |
Rs.4.308 Millions |
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CIN No.: [Company Identification
No.] |
U24119DL1993PTC125350 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PTLP10520G DELP11245D |
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PAN No.: [Permanent Account No.] |
AACCP1612J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of HCL Chemicals, CPW Chemicals, HDPE Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 66000 |
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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 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 – September 30, 2011
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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 |
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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 |
LOCATIONS
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Registered Office : |
314, PP Tower, Netaji Subhash Place, Pitampura, Delhi – 110034, India |
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Tel. No.: |
91-11-2735818/ 2735102/ 27356101 |
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Fax No.: |
91-11-27356102 |
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E-Mail : |
DIRECTORS
As on 25.07.2011
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Name : |
Mr. Sukhbir Singh Dahiya |
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Designation : |
Director |
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Address : |
140, Vasundra Apartments, Sector 9, Rohini, Delhi – 110085, India |
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Date of Birth/Age : |
30.03.1962 |
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Date of Appointment : |
16.06.2005 |
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DIN No.: |
00169921 |
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Other Directorship :
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Name : |
Mr. Ved Pal Singh |
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Designation : |
Director |
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Address : |
AP – 2A, Pitampura, Delhi – 110034, India |
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Date of Birth/Age : |
24.10.1938 |
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Date of Appointment : |
12.10.2002 |
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DIN No.: |
01189056 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.07.2011
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Names of Shareholders |
No. of Shares |
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Sukhbir S. Dahiya |
16010 |
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Ved Pal Singh |
11240 |
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Nirmala Dahiya |
5100 |
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Parminder Singh |
4500 |
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Pritam K Bamel |
5725 |
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Jai Pal Singh |
257 |
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Satbir S Dahiya |
244 |
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Total |
43076 |
Equity Share Break up (Percentage of Total Equity)
25.07.2011
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of HCL Chemicals, CPW Chemicals, HDPE Chemicals. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Standard Chartered Bank, 10, Parliament Street,
New Delhi – 110001, India ·
State Bank of India |
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Facilities : |
Note: The company is availing working capital facilities from SBI
hypothecation of book debts and stocks and Equitable Mortgage of Factory Land
and Building at Khoutli, Haryana. For the said facilities the directors have
given their personal guarantee. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajneesh Associates Chartered Accountants |
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Address : |
C – 60, 3rd Floor, C – Block, Community Centre, Janak
Cinema Complex, Delhi – 110058, India |
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Tel. No.: |
91-11-25534986 |
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Mobile No.: |
91-9810073042 |
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Fax No.: |
91-11-25554986 |
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E-Mail : |
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PAN.: |
AAAFR5530N |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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43076 |
Equity Shares |
Rs.100/-
each |
Rs.4.308
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.308 |
4.308 |
4.308 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.370 |
10.569 |
8.460 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.678 |
14.877 |
12.768 |
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LOAN FUNDS |
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1] Secured Loans |
17.211 |
19.526 |
11.168 |
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2] Unsecured Loans |
2.511 |
2.019 |
2.765 |
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TOTAL BORROWING |
19.722 |
21.545 |
13.933 |
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DEFERRED TAX LIABILITIES |
1.049 |
0.878 |
0.791 |
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TOTAL |
37.449 |
37.300 |
27.492 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.803 |
9.659 |
8.719 |
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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 |
19.364
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2.665 |
2.757
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Sundry Debtors |
28.876
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29.696 |
17.313
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Cash & Bank Balances |
3.078
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1.346 |
5.304
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Other Current Assets |
14.349
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11.199 |
6.982
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Loans & Advances |
0.100
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0.145 |
0.731
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Total
Current Assets |
65.767
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45.051 |
33.087
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
34.644
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13.194 |
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Other Current Liabilities |
5.477
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3.516 |
14.232
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Provisions |
0.000
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0.700 |
0.082
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Total
Current Liabilities |
40.121
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17.410 |
14.314
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Net Current Assets |
25.646
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27.641 |
18.773
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.449 |
37.300 |
27.492 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Profit/(Loss) Before Tax |
2.513 |
2.546 |
1.941 |
KEY RATIOS
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.24
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4.65 |
4.64
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.17 |
0.15
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Debt Equity Ratio (Total Liability/Networth) |
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3.58
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2.62 |
2.21
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Current Ratio (Current Asset/Current Liability) |
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1.63
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2.59 |
2.31
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LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Corporate
identity number of the company |
U24119DL1993PTC125350 |
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Name of the
company |
PRAYAG CHEMICALS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
314, PP Tower,
Netaji Subhash Place, Pitampura, Delhi – 110034, India Email Id : roc.rajneesh@gmail.com |
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This form is for |
Creation
of charge |
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Type of charge |
Book debts Movable property
(not being pledge) |
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Particular of
charge holder |
Standard Chartered
Bank, 10, Parliament Street, New Delhi – 110001, India Email Id : sme.form8@sc.com |
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Nature of
instrument creating charge |
Hypothecation Agreement |
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Date of
instrument Creating the charge |
23.11.2011 |
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Amount secured by
the charge |
Rs.36.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per facility
letter dated 23.11.2011 Terms of
repayment As per facility letter
dated 23.11.2011 Margin As per facility
letter dated 23.11.2011 Extent and
operation of the charge Extent and
Operation - 100% |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first and exclusive charge over all present and future current assets
and movable fixed assets of the company stored or to be stored at the
company's godowns or premises
or wherever else the same may be |
FIXED ASSETS
·
Land and Development
·
Building
·
Machinery
·
Offices Equipment
·
Furniture and Fixtures
·
Vehicles
·
Weghing Scale
·
Computer and Peripherals
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.52.78 |
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|
1 |
Rs.82.33 |
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Euro |
1 |
Rs.68.19 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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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.