|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PAG INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
60/62, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.11.2001 |
|
|
|
|
Com. Reg. No.: |
11-133949 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.11.615 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909MH2001PTC133949 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Door Hardware, Furniture Fitting and Glass Fittings. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 306000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track. The company has
incurred some losses in the current year. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Gaurav |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-22425949 |
|
Date : |
02.03.2012 |
LOCATIONS
|
Registered Office : |
60/62, |
|
Tel. No.: |
91-22-22425949 / 24331476 |
|
Fax No.: |
91-22-22426026 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq.ft. |
|
Location : |
Owned |
|
|
|
|
Showroom : |
Shop No. 5, Jayant Apartment, Appasaheb Marathe Marg, Worli,
Mumbai-400025, |
|
Tel. No.: |
91-22-24331468/ 76 |
|
Fax No.: |
91-22-24331468 |
|
|
|
|
Factory : |
Located at:
|
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Pradeep Nandalal Kainya |
|
Designation : |
Director |
|
Address : |
3, Manjrekar Sadan, 258, |
|
Date of Birth/Age : |
21.04.19.61 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
12.11.2001 |
|
DIN No.: |
00246472 |
|
|
|
|
Name : |
Mrs. Padma Pradeep Kainya |
|
Designation : |
Director |
|
Address : |
3, Manjrekar Sadan, 258, |
|
Date of Birth/Age : |
08.10.1961 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
12.11.2001 |
|
DIN No.: |
00246501 |
|
|
|
|
Name : |
Mr. Anuj Kainya |
|
Designation : |
Director |
|
Address : |
3, Manjrekar Sadan, 258, |
|
Date of Birth/Age : |
29.04.1986 |
|
Date of Appointment : |
03.11.2009 |
|
DIN No.: |
02849039 |
|
|
|
|
Name : |
Mr. Gaurav Kainya |
|
Designation : |
Director |
|
Address : |
3, Manjrekar Sadan, 258, |
|
Date of Birth/Age : |
20.10.1988 |
|
Date of Appointment : |
03.12.2009 |
|
DIN No.: |
02752525 |
KEY EXECUTIVES
|
Name : |
Mr. Gaurav |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Pradeep Kainya |
|
66500 |
|
Padma Kainya |
|
5000 |
|
Shakti Hardware Collocation Private Limited, |
|
1090000 |
|
TOTAL |
|
1161500 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Door Hardware, Furniture Fitting and Glass Fittings. |
|
|
|
|
Exports : |
|
|
Products : |
Door Hardware, Furniture Fitting and Glass Fittings |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
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Terms : |
|
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Selling : |
Cash and Credit |
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|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
||||||||||||||||||||||||
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||||||||||||||||||||||||
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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||||||||||||||||||||||||
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|
||||||||||||||||||||||||
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Facilities : |
Apna Sahakari
Bank Limited, (Over Draft Facilities of Rs.2.100 Millions ) |
||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kamal Dhanuka and Company Charted Accountants |
|
Address : |
209, Keytuo Industrial Estate, |
|
Tel No.: |
91-22-28315462/ 28315480 |
|
Fax No.: |
91-22-28315284 |
|
PAN.: |
AABPD6239K |
|
|
|
|
Sister Concerns : |
·
Shakti Hardware Collections Private Limited ·
Shakti Udyog |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1161500 |
Equity Shares |
Rs. 10/-
each |
Rs.11.615
Millions |
|
|
|
|
|
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 |
11.615 |
11.615 |
11.615 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
64.785 |
65.247 |
65.216 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
76.400 |
76.862 |
76.831 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.234 |
4.093 |
9.303 |
|
|
2] Unsecured Loans |
1.120 |
2.614 |
7.840 |
|
|
TOTAL BORROWING |
2.354 |
6.707 |
17.143 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
78.754 |
83.569 |
93.974 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.409 |
3.939 |
1.086 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.011 |
0.011 |
0.011 |
|
|
DEFERREX TAX ASSETS |
0.234 |
0.096 |
0.118 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
38.400
|
35.620 |
46.953 |
|
|
Sundry Debtors |
50.855
|
43.038 |
40.642 |
|
|
Cash & Bank Balances |
0.370
|
4.216 |
2.026 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
14.346
|
16.622 |
15.611 |
|
Total
Current Assets |
103.971
|
99.496 |
105.232 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
28.871
|
19.992 |
12.511 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
28.871
|
19.992 |
12.511 |
|
|
Net Current Assets |
75.100
|
79.504 |
92.721 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.019 |
0.038 |
|
|
|
|
|
|
|
|
TOTAL |
78.754 |
83.569 |
93.974 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
Gross Income |
100.515 |
114.919 |
120.418 |
|
|
|
|
TOTAL |
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(0.585) |
0.086 |
0.157 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.124) |
0.057 |
0.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(0.461) |
0.029 |
0.029 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
22.658 |
0.000 |
36.945 |
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
Per Share (Rs.) |
(0.04) |
0.03 |
0.03 |
|
Expected Sales (2011-2012) : Rs.120.000 Millions
The above information has been parted by Mr. Gaurav – Finance Manager
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.54)
|
0.08 |
0.15
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
1.34 |
0.00
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.41
|
0.34 |
0.39
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.60
|
4.97 |
8.41
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
creditors
|
Particulars |
31.03.2011
|
31.03.2010 |
31.03.2009 |
|
|
Rs. in Millions |
||
|
Sundry Creditors |
28.528
|
19.003 |
12.218 |
|
Sundry Creditors for Expenses |
0.343
|
0.989 |
0.293 |
|
TOTAL |
28.871
|
19.992 |
12.511 |
|
Check list by Info Agents |
Available in Reports ( Yes/No) |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
-- |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
No |
|
-- |
|
No |
|
Yes |
|
Yes |
|
No |
|
No |
|
Yes |
|
Yes |
|
-- |
|
-- |
|
Yes |
|
Yes |
|
-- |
|
-- |
|
No |
|
-- |
|
-- |
|
-- |
Financial Result
The company has started its business activity during
the year and has gross income of Rs.100.515 millions
FORM 8
|
Corporate
identity number of the company |
U51909MH2001PTC133949 |
|
Name of the
company |
PAG INTERNATIONAL
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
60/62, Email : cakamaldhanuka@yahoo.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Citi Bank, Trent House, 2nd Floor, G Block, Plot No. C60,
Bandra Kurla Complex, Bandra (east), Mumbai – 400051, Email: vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Goods Security
Agreement. |
|
Date of
instrument Creating the charge |
28.09.2011 |
|
Amount secured by
the charge |
Rs.40.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest: As per
Trade Norm. Terms of
Repayment On demand. Margin As may be
stipulated by the Bank from time to time. Extent and Operation
of the charge The hypothecated
First exclusive charge on Assets, shall remain as security to the Bank for
the due repayment by the Borrower to the Bank of the credit facilities
together with interest, costs, charges and expenses and other monies payable
by the Borrower and also for due payment and discharge of all
indebtedness/liability of the Borrower to the Bank. Others The Borrower
expressly recognizes and accepts that the Bank shall be absolutely entitled
and have full power/authority to sell, assign or transfer in any manner and
on such terms as the Bank may decide any or all outstanding dues of the
Borrower to any third party of the Bank's choice without any further
reference or intimation to the Borrower. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
Company's present and future, stocks of raw materials, goods in process of manufacture,
semi-finished goods and all finished and manufactured goods All of the
Company's present and future book debts, outstanding Monies, receivables,
claims, bills, investments, rights to
or in moveable properties |
Fixed Assets:
·
Air Conditioner
·
Computers
·
Computer Software
·
Furniture and Fixtures
·
Office Equipments
·
Motor Car
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
27 |
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.