MIRA
INFORM REPORT
|
Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
P A |
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|
|
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Registered
Office : |
16, 1st Floor, |
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Year of
Establishment : |
1994 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.46.143 Millions |
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|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Trader, Distributor and Importer of Soda Ash. |
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|
|
No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 185000 |
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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 an established partnership concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern 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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Dhandayudapani |
|
Designation : |
Manager |
|
Contact No.: |
91-44-24983709 |
|
Date : |
15.06.2012 |
LOCATIONS
|
Registered Office : |
16, 1st Floor, |
|
Tel. No.: |
91-44-24983709/ 24983886/ 24672292 |
|
Fax No.: |
91-44-24985574 |
|
E-Mail : |
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|
Area : |
About 2000 sq. ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. S. Senthil Kumar |
|
Designation : |
Partner |
|
Date of Birth/Age : |
50 years |
|
|
|
|
Name : |
Mrs. S. Anbu Nayahni |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Dhandayudapani |
|
Designation : |
Manager |
BUSINESS DETAILS
|
Line of Business : |
Trader, Distributor and Importer of Soda Ash. |
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|
|
|
Imports : |
|
|
Products : |
Soda Ash |
|
Countries : |
·
·
·
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Terms : |
|
|
Selling : |
Credit (30 days) |
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|
|
Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
· Tamilnadu Mercantile Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
B. Kandaswami Aravind Chartered Accountant |
|
Address : |
New No.105A/ Old No.23A, |
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|
|
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Associates/Subsidiaries : |
· P.A.S. Subramania Nadar (Regd.) Year of Establishment: 1952 · P.A.S. Oil Private Limited Year of Establishment: 2002 |
CAPITAL STRUCTURE
|
Particulars |
31.03.2012 Rs. In
Millions |
|
Capital
A/c |
|
|
Mr. S. Senthil
Kumar |
23.032 |
|
Mr. S.
Anbunayahi |
23.111 |
|
|
|
|
Total |
46.143 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
The above information has been parted by Mr. Dhandayudapani
Note: Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital A/c |
|
|
46.143 |
|
|
2] Share Application Money |
|
|
0.000 |
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3] Reserves & Surplus |
|
|
0.000 |
|
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4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
46.143 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
9.450 |
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2] Unsecured Loans |
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|
|
|
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TOTAL BORROWING |
|
|
9.450 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
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|
|
|
|
|
|
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TOTAL |
|
|
55.593 |
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|
|
|
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|
|
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APPLICATION OF FUNDS |
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|
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|
|
|
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|
FIXED ASSETS [Net Block] |
|
|
2.973 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
28.958 |
|
|
Sundry Debtors |
|
|
1.177 |
|
|
Cash & Bank Balances |
|
|
0.103 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
34.177 |
|
Total
Current Assets |
|
|
64.415 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
|
|
|
Other Current Liabilities |
|
|
11.795 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
|
11.795 |
|
|
Net Current Assets |
|
|
52.620 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
55.593 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
58.996 |
|
|
|
Other Income |
|
|
0.000 |
|
|
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TOTAL |
|
|
58.996 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
47.380 |
|
|
|
Custom Duty |
|
|
8.036 |
|
|
|
Direct Expenses |
|
|
0.574 |
|
|
|
Electricity charges |
|
|
0.018 |
|
|
|
Insurance |
|
|
0.027 |
|
|
|
LC Charges and Bank charges |
|
|
0.920 |
|
|
|
Office Expenses |
|
|
0.085 |
|
|
|
Salary and Bonus |
|
|
1.108 |
|
|
|
Other Expenses |
|
|
0.046 |
|
|
|
TOTAL |
|
|
58.194 |
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
0.802 |
|
|
|
|
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|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.210 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
|
0.592 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
1.00 |
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
1.00 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.46 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
5.46 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
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Constitution of the Firm |
Yes |
|
Premises details |
Yes |
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Type of Business |
Yes |
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Line of Business |
Yes |
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Promoter’s Background |
Yes |
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No. of Employees |
Yes |
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Name of Person Contacted |
Yes |
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Designation of Contact person |
Yes |
|
Turnover of Firm for last one years |
Yes |
|
Profitability for last one years |
Yes |
|
Reasons for variation <> 20% |
----- |
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Estimation for coming financial year |
No |
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Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
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Major Suppliers |
No |
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Major Customers |
No |
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Payments Terms |
Yes |
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Export/ Imports Details (If applicable) |
Yes |
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Market Information |
----- |
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Litigations that the firm/ Promoters Involved in |
----- |
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Banking details |
Yes |
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Banking Facility Details |
Yes |
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Conduct of the Banking Account |
----- |
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Buyer visit details |
----- |
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Financials, if provided |
Yes |
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Incorporation details is applicable |
No |
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Last Accounts filed at ROC |
No |
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Major Shareholders, if available |
No |
PROFILE:
In 1993-94, when Government
of India liberalised import of Superior Kerosene Oil (SKO) to Private
Enterprises under the "Parallel Marketing Scheme", the Group
established a new organization under the name and style of P.A.S. PETRO
PRODUCT, for import and distribution of SKO. Immediately after establishing
this Company, the Group commenced import of SKO from various countries, such as
Dubai, Saudi Arabia, Iran, Singapore, Bahrain, etc.
Initially the
Group commenced import of Superior Kerosene Oil (SKO) through Indian Oil Corporation
Limited (IOC) and Bharat Petroleum Corporation Limited (BPC). The company
entered into Agreements with both IOC and BPC in this regard and got the
imports through Chennai Port. Copies of Agreements entered with IOC and BPC. To
meet the steadily increasing demand for SKO very effectively, the company
identified two of the major Ports at strategic locations in South India, viz.,
Cochin Port and Mangalore Port to import SKO directly. Also Storage Tanks in
the abovementioned Ports, having all the safety measures, were taken on lease
on long-term basis by the company. For effective, systematic and timely
distribution of SKO to various consumer industries on, the company opened its
Branch Offices in the following places: Cochin, Coimbatore, Pondicherry, Nellore,
Bangalore and Mangalore.
The company
purchased nine Tanker Trucks for timely supply Tirunelveli, of S.K.0 to
consumer Industries. Large quantities of SKO were imported from foreign
countries and distributed in bulk to the actual users according to their
requirements, following relevant systematic procedures. The company earned high
regard and recognition by the actual user industries, acclaiming its
systematic, uninterrupted and timely supply of SKO strictly as per their
requirements. The industries to whom SKO was supplied includes 100% Export
Oriented Units also.
Within a short
period of time since its inception, the company grew into a multi-crore
business enterprise.
KEROSENE IMPORT CANALISED VIA INDIAN OIL
In a major change
of the well established 10 year-old policy, the Commerce Minister reversed the
free import of kerosene on November 25, 2003.
Imports are now
canalised through Indian Oil and the three other public sector oil companies,
namely, Bharat Petroleum, Hindustan Petroleum and IBP. The canalisation applies
even to imports against a licence for export production, licence based imports
too must be through a nominated state trading enterprises (STE). Even though
the canalising agencies are bound to honour all requests for import from
private parties under the WTO provisions incorporated in the Exim Policy, in
actual practice, the import window is more or less closed since the refineries
set up by four agencies are themselves producers of kerosene.
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.55.76 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.