MIRA
INFORM REPORT
|
Report Date : |
16.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
PORCELAIN CRAFTS AND COMPONENTS EXIM PRIVATE LIMITED |
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|
|
|
Registered
Office : |
7/1/c |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.04.1993 |
|
|
|
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Com. Reg. No.: |
21-058529 |
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Capital Investment/
Paid-up Capital: |
Rs.7.615 Millions |
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|
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CIN No.: [Company Identification
No.] |
U51909WB1993PTC058529 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter, Importer and Agent of Prozlain and |
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|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 59000 |
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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 relation are reported to be
fair. Business is active. Payment are reported to be slow but correct. The company can be considers for business dealings with some caution. Note: Profit and loss not available for the year 2011 |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Branch : |
7/1/c |
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Tel. No.: |
Not Available |
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Fax No.: |
91-21-22522249 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Jag Mohan Daga |
|
Designation : |
Director |
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Date of Appointment : |
12.04.1993 |
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Din No.: |
00891746 |
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Name : |
Shree Ballabh Daga |
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Designation : |
Director |
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Date of Appointment : |
07.06.1999 |
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Din No.: |
01291962 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Jag Mohan Daga |
|
200700 |
|
Shree Ballabh Daga |
|
750 |
As on 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter, Importer and Agent of Prozlain and |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
The Federal Bank Limited, |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ashwini Nagar and Associates Chartered Accountant |
|
Address : |
10, |
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Tel. No.: |
91-21-2241 8950 |
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E-Mail : |
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Pan N.: |
ACLPN0681K |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
761500 |
Equity Share |
Rs.10/- each |
Rs.7.615
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 |
7.615 |
7.615 |
5.915 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7.235 |
6.198 |
3.777 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
14.850 |
13.813 |
9.692 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
15.500 |
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|
TOTAL BORROWING |
0.000 |
0.000 |
15.500 |
|
|
DEFERRED TAX LIABILITIES |
0.068 |
0.065 |
0.000 |
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|
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|
|
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TOTAL |
14.918 |
13.878 |
25.192 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.387 |
0.507 |
0.653 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.743 |
7.220 |
7.060 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.666
|
4.993 |
2.052 |
|
|
Sundry Debtors |
50.710
|
31.345 |
42.871 |
|
|
Cash & Bank Balances |
6.718
|
6.535 |
0.263 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
16.189
|
8.109 |
12.232 |
|
Total
Current Assets |
84.283
|
50.982 |
57.418 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor and Other Current Liabilities |
74.816
|
43.754 |
38.870 |
|
|
Provisions |
1.691
|
1.101 |
1.105 |
|
Total
Current Liabilities |
76.507
|
44.855 |
39.975 |
|
|
Net Current Assets |
7.776
|
6.127 |
17.443 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.012 |
0.024 |
0.036 |
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|
|
|
|
|
|
|
TOTAL |
14.918 |
13.878 |
25.192 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
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Income |
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|
Other Income |
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TOTAL |
|
1112.976 |
107.069 |
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EXPENSES |
|
|
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|
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TOTAL |
|
1111.791 |
105.351 |
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PROFIT BEFORE
TAX |
|
1.185 |
1.718 |
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|
TAX |
|
0.452 |
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PROFIT AFTER TAX |
|
0.733 |
1.033 |
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|
Earnings Per
Share (Rs.) |
|
0.96 |
1.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
0.07 |
0.96 |
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.11 |
1.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.30 |
2.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.09 |
0.18 |
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|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.15
|
3.25 |
5.72 |
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.14 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
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 two years |
Yes |
|
Profitability
for last two years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
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 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51909WB1993PTC058529 |
|
Name of the
company |
PORCELAIN CRAFTS & COMPONENTS EXIM Private Limited |
|
Address of the
registered office or of the principal place of business in |
7/1/c |
|
This form is for |
Creation of charge |
|
Type of charge |
Floating Charge |
|
Particular of
charge holder |
The Federal Bank Limited, Kolkata Overseas Branch, 'Shakespeare Court'
21A, Shakespeare Sarani, 1st Floor, Kolkata – 700017, West Bengal, India E-mail : calj@federalbank.co.in
|
|
Nature of
instrument creating charge |
(i) Letter of Credit Agreement. (ii) Declaration cum Undertaking for Import LC Limit. (iii) Demand Promissory Note. (iv) Security Delivery Letter. Altogether read with Sanction Letter dated: 16/08/2011. |
|
Date of
instrument Creating the charge |
18.08.2011 |
|
Amount secured by
the charge |
Rs.8.500 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest: Commission @0.30% for the 1st quarter and 0.05% p.m. for the subsequent months subject to a minimum of Rs.1,000/- (+ Service Tax as applicable) and interest @21.00% p.a. with monthly rests on default. Terms of repayment: (i) Repayment shall be lumpsum and on demand. (ii) The credit facilities will be for a period of 12 months and are subject to annual review/ renewal, but the Bank will have the fullest liberty and discretion to extend for such periods as the bank may deem fit or recall the facility at any time during the continuance of the said credit facilities. (iii) Interest, if any, shall be paid on monthly basis. Margin: As stipulated by the Bank for the respective assets/ facilities from time to time. Presently @30% (cash margin) over Import Letter of Credit. Extent and operation of the charge:. (i)First charge over all hypothecated assets/ properties of the Company. (ii) Credit outstanding shall become payable on demand and lump sum and the Bank shall also become entitled to procession of the securities hypothecated and sell them and apply the sale proceeds towards the credit facilities and hold the Borrower liable for the balance if any with interest. (iii) The overall limit to be reviewed within 12 months. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of goods covered under Letter of Credit with 30% cash
margin. |
Fixed Assets:
·
Computer
·
Office Equipment
·
Motor Car
·
Air Conditioners
·
Fax Machine
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.55.66 |
|
|
1 |
Rs.85.89 |
|
Euro |
1 |
Rs.67.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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.