MIRA
INFORM REPORT
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Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
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Name : |
PRAKASH SNACKS PRIVATE LIMITED |
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Registered
Office : |
Shop No. 18, “C” Wing, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.12.2002 |
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Com. Reg. No.: |
11-180293 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.641 Millions |
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CIN No.: [Company Identification
No.] |
U15316MH2002PTC180293 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLP01117E |
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PAN No.: [Permanent Account No.] |
AAECP7473M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is food-processing industry engaged in
manufacturing of different types of Potato based snacks and Namkeens. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 1100000 |
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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
|
Country Name |
Previous Rating (30.09.2011) |
Current Rating (31.12.2011) |
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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 : |
Shop No. 18, “C” Wing, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
Khasra No. 378/ 1/ 4, |
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Tel. No.: |
91-731-3249200/ 3269200 |
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Mobile No.: |
91-9303237852 |
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E-Mail : |
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Factory : |
Khasra No.
378/4/1 Patwri Halka No 26, Peki Village Palda, Nemawar Road, Indore, |
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Tel. No.: |
91-731-2862233/ 3249200/ 3249201 |
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Fax No.: |
91-731-2579785 |
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E-Mail : |
DIRECTORS
AS ON 26.09.2011
|
Name : |
Mr. Arvind Mehta |
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Designation : |
Director |
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Address : |
3, Janki Nagar Extension, |
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Date of Birth/Age : |
31.08.1967 |
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Qualification : |
B.Com |
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Date of Appointment : |
19.12.2002 |
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DIN No.: |
00215183 |
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Other Directorship: |
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Name : |
Mr. Arun Kumar Mehta |
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Designation : |
Director |
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Address : |
3, Janki Nagar Extension, |
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Date of Birth/Age : |
28.09.1968 |
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Qualification : |
B.Com |
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Date of Appointment : |
19.12.2002 |
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DIN No.: |
00215243 |
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Other Directorship: |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2011
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Names of Shareholders |
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No. of Shares |
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Aurn Mehta |
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44500 |
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Arvind Mehta |
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44500 |
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B.Badal Chand Mehta and Sons |
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3000 |
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B Jugraj Mehta and Sons |
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3000 |
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Rattan Kanwar |
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10000 |
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R Dharamchand Chordia |
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13000 |
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R Premchand Chordia |
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26000 |
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Sushila Kanwar |
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5000 |
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Rajesh Mehta |
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42000 |
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Naveen Mehta |
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42000 |
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Mangilal Ostwal (HUF) |
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7000 |
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Abhishek Ostwal |
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18000 |
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Ajay Kumar Ostwal |
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5000 |
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Akshay K Jain |
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5000 |
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Mangilal Ostwal |
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6000 |
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Sudhalata Ostwal |
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4000 |
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P Gyanchadn Chordia |
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5000 |
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BCM Investment Private Limited |
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39000 |
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Kanta Mehta |
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5000 |
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Usha Mehta |
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5000 |
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Rekha Mehta |
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5000 |
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Rita Mehta |
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26000 |
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Santhosh Lunawat |
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200 |
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Sunder Investment Proprietor Kiran Devi |
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200 |
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Suresh and company Proprietor Suresh Lunawet |
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200 |
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Vishal Lunawat |
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200 |
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Mahesh Purohit (Staff) |
|
100 |
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Neelam Kalra (Staff) |
|
100 |
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Rajkumar Kalra (Staff) |
|
100 |
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Total |
|
364100 |
AS ON 26.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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10.71 |
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Directors
or relatives of directors |
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58.78 |
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Other
top fifty shareholders |
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30.51 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is food-processing industry engaged in manufacturing
of different types of Potato based snacks and Namkeens. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Central Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pramod P. Chopra and Associates Chartered Accountants |
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Address : |
105, Wing - A Shalimar Corporate Centre, 8-B, South
Tukoganj, |
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Tel. No.: |
91-731-2524282 |
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Income-tax
PAN of auditor or auditor's firm : |
ABKPC5678B |
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Associates : |
· B.C.M. Investment Private Limited · Orange infracon Private Limited (formerly Know BCM Construction Private Limited), ·
BCM Relaty Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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364100 |
Equity Shares |
Rs. 10/- each |
Rs. 3.641
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.641 |
3.641 |
3.641 |
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2] Share Application Money |
0.000 |
0.000 |
0.050 |
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3] Reserves & Surplus |
292.302 |
268.691 |
183.042 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
295.943 |
272.332 |
186.733 |
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LOAN FUNDS |
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1] Secured Loans |
207.756 |
83.591 |
99.460 |
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2] Unsecured Loans |
3.080 |
18.740 |
9.960 |
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TOTAL BORROWING |
210.836 |
102.331 |
109.420 |
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DEFERRED TAX LIABILITIES |
38.344 |
28.587 |
14.500 |
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TOTAL |
545.123 |
403.250 |
310.653 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
280.746 |
203.324 |
186.421 |
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Capital work-in-progress |
6.748 |
0.000 |
5.451 |
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INVESTMENT |
12.600 |
18.000 |
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 |
89.032
|
79.400 |
68.178 |
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Sundry Debtors |
45.533
|
24.608 |
32.423 |
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Cash & Bank Balances |
6.634
|
6.573 |
0.724 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
224.062
|
213.534 |
98.756 |
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Total
Current Assets |
365.261
|
324.115 |
200.081 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
80.611
|
87.552 |
47.608 |
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Other Current Liabilities |
24.697
|
22.767 |
34.013 |
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Provisions |
15.137
|
32.137 |
0.000 |
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Total
Current Liabilities |
120.445
|
142.456 |
81.621 |
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Net Current Assets |
244.816
|
181.659 |
118.460 |
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MISCELLANEOUS EXPENSES |
0.213 |
0.267 |
0.321 |
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TOTAL |
545.123 |
403.250 |
310.653 |
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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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SALES |
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Income |
|
1443.997 |
1002.132 |
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Other Income |
|
100.775 |
22.218 |
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TOTAL (A) |
1431.841 |
1544.772 |
1024.350 |
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Less |
EXPENSES |
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|
1032.436 |
694.459 |
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Shares Purchase (Trading) |
|
87.537 |
21.134 |
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Manufacturing Expenses |
|
102.876 |
67.132 |
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Employee Costs |
|
15.080 |
10.355 |
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Office and Administrative Expenses |
|
3.809 |
2.645 |
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Selling and Distribution Charges |
|
152.799 |
109.957 |
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Preliminary Expenses Written off |
|
0.053 |
0.053 |
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Past Year Adjustment |
|
0.000 |
0.014 |
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TOTAL (B) |
1356.217 |
1394.590 |
905.749 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
75.624 |
150.182 |
118.601 |
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Less |
FINANCIAL
EXPENSES (D) |
17.532 |
9.867 |
10.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
58.092 |
140.315 |
108.601 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.973 |
9.169 |
7.685 |
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PROFIT BEFORE
TAX (E-F) (G) |
49.119 |
131.146 |
100.916 |
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Less |
TAX (I) |
24.871 |
44.860 |
18.008 |
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PROFIT AFTER TAX
(G-I) (J) |
24.248 |
86.286 |
82.908 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
227.707 |
143.058 |
61.789 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
1.000 |
1.000 |
1.000 |
|
|
|
Dividend |
0.546 |
0.546 |
0.546 |
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Tax on Dividend |
0.091 |
0.091 |
0.093 |
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BALANCE CARRIED
TO THE B/S |
250.318 |
227.707 |
143.058 |
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EARNINGS IN FOREIGN
CURRENCY |
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Export Earnings |
9.289 |
6.435 |
2.704 |
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TOTAL EARNINGS |
9.289 |
6.435 |
2.704 |
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IMPORTS |
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Raw Materials |
N.A. |
3.615 |
18.490 |
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TOTAL IMPORTS |
N.A. |
3.615 |
18.490 |
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Earnings Per
Share (Rs.) |
66.59 |
236.98 |
227.71 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.69 |
2.59 |
8.09
|
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Net Profit Margin (PBT/Sales) |
(%) |
N.A. |
9.08 |
10.07
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.60 |
24.86 |
26.11
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Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.48 |
0.54
|
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Debt Equity Ratio (Total Liability/Networth) |
|
1.95 |
0.90 |
1.02
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Current Ratio (Current Asset/Current Liability) |
|
3.03 |
2.28 |
2.45
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
No |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
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9. Name of person contacted |
No |
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10. Designation of contact person |
No |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
-- |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
Yes |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
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20. Export / Import details |
No |
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21. Market information |
-- |
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22. Litigations that the firm / promoter involved |
-- |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
-- |
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26. Buyer visit details |
-- |
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27. Financials, if provided |
Yes |
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28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
Yes |
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30. Major Shareholders, if available |
Yes |
Note: The registered address of the company has been
shifted from Khasra No.
378/4/1 Nemawar Road, Palda,
PERFORMANCE REVIEW:
The Company is Food Processing Industry engaged in the manufacturing of different types Namkins and Potato based Snacks, the activity of company is classified under two divisions namely “Potato Chips Division” and “Chulbule and Namkeen Division”. The working performance of each division is as under: -
POTATO CHIPS
DIVISION: -
During the year chips division performed exceptionally well and contributed Rs. 532.815 Millions towards company’s turnover. The profit before depreciation and taxes of the said division is Rs. 44.270 Millions.
CHULBULE AND OTHERS
DIVISION: -
During the year Chulbule and other division has also performed exceptionally well and contributed Rs. 899.025 Millions towards the company turnover. The profit before depreciation and taxes of said division is Rs. 13.822 Millions.
OVERALL PERFORMANCE:
The turnover and other Income for the year report is Rs. 1431.841 Millions as against to Rs. 1544.772 Millions. This year company turnover slightly decrease due to heavy fire loss in Chulbule Division. The Profit before Tax amount to Rs. 49.004 Millions as against Rs. 131.145 Millions.
CONTINGENT LIABILITIES:
(Rs. in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Disputed Demand of Value Added Tax raised by Commercial
Tax department, |
1.171 |
-- |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U15316MH2002PTC180293 |
|
Name of the
company |
PRAKASH SNACKS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shop No.18,
"C" Wing, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
Central Bank of Email ID: centsiya@rediffmail.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation Memorandum for
deposit of charge |
|
Date of
instrument Creating the charge |
30.06.2010 |
|
Amount secured by
the charge |
Rs. 95.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
BPLR-2% As per agreement
and sanction letter Terms of Repayment 5 Years 9 Months
(Moratorium Period of 6 Months As per agreement and
sanction letter Margin Term loan margin
25% As per agreement
and sanction letter Extent and Operation of the charge Equitable
mortgage of land and building and hypothecation of plant and machinery and
other fixed assets Others Collateral
security and personal guarantee As per agreement
and sanction letter |
|
Short particulars
of the property charged |
Land admeasuring
1.81 acres and building of company situated at Khasra No. 378 (Factory Land
Adm 36192 sq feet), 378/4/1 Patwri Halka No 26, Peki Village Palda, Factory land on
Khasra No. 378/4/2, Hypothication of
plant and machinery & other assets |
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. 57.07 |
|
|
1 |
Rs. 88.96 |
|
Euro |
1 |
Rs. 71.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.