MIRA
INFORM REPORT
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Report Date : |
28.07.2012 |
IDENTIFICATION DETAILS
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Name : |
PIC INTERNATIONAL METALS AND ALLOYS PRIVATE LIMITED |
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Registered Office
: |
Survey No. 40, Village Lohop, Taluka Khalapur, District Raigadh,
Khopoli – 410206, |
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Country : |
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Financials (as
on) : |
31.03.2012 (Provisional) |
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Date of
Incorporation : |
13.06.2007 |
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Com. Reg. No.: |
11-171608 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U27300MH2007PTC171608 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP12338E |
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PAN No.: [Permanent Account No.] |
AAECP3736F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Metal and Alloys. |
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No. of Employees
: |
30 (Approximately) [In Office: 10 + In Factory: 20] |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 75000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record.
Profitability of the company appears to be low. However, trade relations are
reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution. |
NOTE:
The management of the company has not filed its financial with the
government after the year 2009
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr, Mery Castelion |
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Designation : |
Accountant |
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Contact No.: |
91-9833087761 |
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Date : |
18.07.2012 |
LOCATIONS
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Registered Office / Factory : |
Survey No. 40, Village Lohop, Taluka Khalapur, District Raigadh,
Khopoli – 410206, |
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Mobile No.: |
91-9029411523 (Mr. Prakash) |
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E-Mail : |
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Website : |
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Area : |
3.5 acr |
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Location : |
Owned |
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Head Office : |
D/144,Amargian Industries Co-Operative, Premises Society
Limited, Opposite S.T. Workshop,
Khopat, Thane-400601, |
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Tel. No.: |
91-22-25477164/25476833/65164679/25477167 |
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Fax No.: |
91-22-25477164 |
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E-Mail : |
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Website : |
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Area : |
545 sq ft |
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Location : |
Owned |
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Warehouse: |
Bhiwandi, |
DIRECTORS
As on 30.09.2009
|
Name : |
Ms. Priyanka Prakash Jadhav |
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Designation : |
Director |
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Address : |
A-66, |
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Date of Birth/Age : |
28.08.1982 |
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Date of Appointment : |
30.06.2007 |
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DIN No.: |
01766965 |
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Other
Directorship:
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Name : |
Ms. Shweta Prakash Jadhav |
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Designation : |
Director |
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Address : |
A-66, |
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Date of Birth/Age : |
12.04.1984 |
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Date of Appointment : |
30.06.2007 |
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DIN No.: |
01766927 |
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Other
Directorship:
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Name : |
Mr. Prakash Chandrakant Jadhav |
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Designation : |
Director |
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Address : |
A-66, |
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Date of Birth/Age : |
30.11.1956 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
01766884 |
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Other
Directorship:
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Name : |
Mrs. Kalpana Prakash Jadhav |
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Designation : |
Director |
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Address : |
A-66, |
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Date of Birth/Age : |
16.04.1962 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
01766845 |
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Other
Directorship:
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Name : |
Ms. Samidha Prakash Jadhav |
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Designation : |
Director |
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Address : |
A-66, |
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Date of Birth/Age : |
24.08.1988 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
01953605 |
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Other
Directorship:
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KEY EXECUTIVES
|
Name : |
Mr, Mery Castelion |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
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No. of Shares |
|
Priyanka Prakash Jadhav |
|
5000 |
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Shweta Prakash Jadhav |
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5000 |
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Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2009
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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 Metal and Alloys. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Chilly ·
·
·
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.03.2009)
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Particulars |
Unit |
Actual
Production |
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Ferro Molybdenum |
Qty. Kgs |
108394 |
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Ferro Tungsten |
Qty. Kgs |
2581 |
GENERAL INFORMATION
|
Suppliers : |
·
Reliance Metals and Alloys ·
Sikkim Ferro Alloys Limited ·
Komal Atomizr Private Limited ·
Kaybee Foundry Services Private Limited ·
Premier Metals |
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|
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Customers : |
End Users ·
Mahindra Group ·
Kalyani Carpenter Special Steels Limited ·
Welspun Group ·
Zenith Steels ·
Zenith Birla ( ·
M/s. Kalyani Carpenter Special Steels Limited ·
Mahindra Ugine Steel Company Limited ·
ISMT Limited ·
India Steel Works Limited ·
Facor Steels Limited |
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No. of Employees : |
30 (Approximately) [In Office: 10 + In Factory: 20] |
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Bankers : |
Bank of Maharashtra, SSI Thane Branch, B-17, Maha Bank Bhavan, Wagle
Industrial Estate, Thane - 400604, Maharashtra, India |
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Facilities : |
CC: Rs.32.000 Millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Rawool and Ranjan Associates Chartered Accountants |
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Address : |
C/159 Amar Gian, Near S T Workshop, L B Marg, Thane – 400601, |
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Fax No.: |
91-22-25472787 |
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PAN.: |
AAEFR9748N |
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Sister Concern: |
Prakash Industrial
Corporation Address: Survey No. 40, Village Lohop, Taluka Khalapur, District
Raigadh, Khopoli – 410206, Line of Business: Manufacturer of Metal and Alloys. Sales Turnover (2012) = Rs. 290.413 millions |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital: Not
Available
Issued, Subscribed & Paid-up Capital: Rs.4.600
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 (Provisional) |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.600 |
4.600 |
4.600 |
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2] Share Application Money |
7.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.686 |
3.605 |
1.764 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.786 |
8.205 |
6.364 |
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LOAN FUNDS |
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1] Secured Loans |
35.644 |
34.003 |
36.750 |
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2] Unsecured Loans |
5.371 |
5.393 |
4.953 |
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TOTAL BORROWING |
41.015 |
39.396 |
41.703 |
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DEFERRED TAX LIABILITIES |
0.860 |
0.684 |
0.478 |
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TOTAL |
60.661 |
48.285 |
48.545 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.587 |
10.925 |
11.313 |
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Capital work-in-progress |
0.238 |
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 |
26.788
|
28.309
|
21.940 |
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Sundry Debtors |
42.041
|
13.181
|
24.789 |
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Cash & Bank Balances |
0.451
|
0.064
|
0.050 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
8.787
|
13.156
|
4.501 |
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Total
Current Assets |
78.067
|
54.710 |
51.280 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
27.031
|
16.890
|
14.086 |
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Provisions |
1.201
|
0.495
|
0.044 |
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Total
Current Liabilities |
28.232
|
17.385 |
14.130 |
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Net Current Assets |
49.835
|
37.325 |
37.150 |
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MISCELLANEOUS EXPENSES |
0.001 |
0.035 |
0.082 |
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TOTAL |
60.661 |
48.285 |
48.545 |
|
%2028-Jul-2012_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (Provisional) |
31.03.2011 |
31.03.2010 |
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SALES |
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||||||
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Income |
311.418 |
183.660 |
126.723 |
|||||
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Goods Lost by Heavy Wind and Rain |
14.514 |
0.000 |
0.000 |
|||||
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Other Income |
5.925 |
0.040 |
0.587 |
|||||
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TOTAL (A) |
331.857 |
183.700 |
127.310 |
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Less: |
EXPENSES |
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Increase/ (Decrease) in stock |
1.720 |
(1.018) |
8.848 |
|||||
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Consumption of Materials |
268.510 |
147.270 |
91.136 |
|||||
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Direct Expenses |
35.424 |
27.758 |
16.751 |
|||||
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Overheads |
15.201 |
1.925 |
2.355 |
|||||
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Miscellaneous Expenses |
0.033 |
0.047 |
0.032 |
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TOTAL (B) |
320.888 |
175.982 |
119.122 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.969 |
7.718 |
8.188 |
||||||
|
|
|
6.128 |
|
7.546 |
||||||
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Less: |
FINANCIAL
EXPENSES (D) |
|
4.767 |
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||||||
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|
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PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
4.841 |
2.951 |
0.642 |
||||||
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Less: |
DEPRECIATION/
AMORTISATION (F) |
0.383 |
0.410 |
0.381 |
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||||||
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PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
4.458 |
2.541 |
0.261 |
||||||
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Less |
TAX (I) |
1.377 |
0.700 |
0.273 |
||||||
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PROFIT/(LOSS) AFTER TAX (G-I) (J) |
3.081 |
1.841 |
(0.012) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.605 |
1.764 |
1.777 |
|
|||||
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|||||
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BALANCE CARRIED
TO THE B/S |
6.686 |
3.605 |
1.765 |
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|||||
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Earnings/(Loss)
Per Share (Rs.) |
669.78 |
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|
|||||
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.92
|
1.00 |
(0.00) |
|
|
|
|
|
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Net Profit Margin (PBT/Sales) |
(%) |
1.43
|
1.38 |
0.20 |
|
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|
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.02
|
3.87 |
0.41 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.30 |
0.04 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
3.68
|
6.92 |
8.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76
|
3.14 |
3.62 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Passport No of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27300MH2007PTC171608 |
|
Name of the
company |
PIC
INTERNATIONAL METALS AND ALLOYS PRIVATE LIMITED. |
|
Address of the
registered office or of the principal place of business in |
Survey No. 40, Village
Lohop, Taluka Khalapur, District Raigadh, Khopoli – 410206, Email: prakash9911@yahoo.co.in |
|
This form is for
|
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10095319 |
|
Type of charge |
Immovable
property Any interest in
immovable property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Bank of Maharashtra,
SSI Thane Branch, B-17, Maha Bank Bhavan, Wagle Industrial Estate, Thane -
400604, Maharashtra, India Email: bom88@mahabank.co.in |
|
Nature of
instrument creating charge |
Composite Deed
of Hypothecation for additional working capital term loan of Rs 8.200
Millions |
|
Date of
instrument Creating the charge |
14.03.2012 |
|
Amount secured
by the charge |
Rs.50.200
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest BPLR - 1% presently 11.25% p.a. with monthly rest for reduced cash
credit facility of Rs. 32.000 Millions and additional working capital term
loan of Rs 8.200 Millions. Terms of Repayment Moratorium 2 months. Repayment at Rs. 0.820 Million per month to be
commenced after moratorium. Interest to be paid as and when applied Margin 25% in Banks favour for Cash Credit Extent and Operation of the charge Existing charge of Rs.60.000 Millions reduced to Rs. 50.200 Millions.
Cash Credit previously Rs.50.000 Millions was reduced to Rs.32.000 Millions
and Term Loan previously Rs.10.000 Millions remains same and additional
Rs.8.200 Millions was given which comes to total Term Loan of Rs.18.200
Millions. |
|
Short
particulars of the property or asset(s) charged (including complete address
and location of the property) |
Cash Credit is
collaterally secured by mortgage of land and building at S 40, Village Lahop,
Tal. Khalapur, Khopoli and personal guarantee of Mr. Prakash Jadhav and 3
Directors Term Loan is
secured by primary security by mortgage of land and building at S 40, Village
Lahop, Tal. Khalapur, Khopoli and personal guarantee of Mr. Prakash Jadhav
and 3 Directors |
|
Date of
instrument modifying the charge |
27.03.2008 |
|
Particulars of
the present modification |
Previous charge
of Rs. 60.000 Millions reduced to Rs. 50.200 Millions. Cash Credit previously
Rs. 50.000 Millions was reduced to Rs. 32.000 Millions and Term Loan
previously Rs. 10.000 Millions remains same and additional Rs.8.200 Millions
was given which comes to total Term Loan of Rs. 18.200 Millions. |
FIXED ASSETS
·
Plant and Machinery
·
·
Furniture and Fixture
·
Computer
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.55.41 |
|
|
1 |
Rs.86.93 |
|
Euro |
1 |
Rs.68.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NID |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.