|
Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PROCON TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2, First Floor, Memnagar Complex, Opposite IOC Petrol Pump, Memnagar,
Ahmedabad – 380052, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.11.2005 |
|
|
|
|
Com. Reg. No.: |
04-047042 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30007GJ2005PTC047042 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMP04675G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCP7159E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Trader and Exporter of Control Panel, Boards,
Temperature Controllers, Digital Panel Motors etc. |
|
|
|
|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct. 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 (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Dhaval Mehta |
|
Designation : |
Marketing Manager |
|
Contact No.: |
91-9824310188 |
|
Date : |
07.03.2012 |
LOCATIONS
|
Registered Office / Factory: |
2, First Floor, Memnagar Complex, Opposite IOC Petrol Pump, Memnagar,
Ahmedabad – 380052, Gujarat, India |
|
Tel. No.: |
91-79-27492566 |
|
Mobile No.: |
91-9824310188 (Mr. Dhaval Mehta) |
|
Fax No.: |
91-79-27432871 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2500 sq. ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Hitesh Jashvantrai Dave |
|
Designation : |
Director |
|
Address : |
14, Professors Colony, Nr. Vijay Resh, Navrangapura, Ahmedabad –
380009, |
|
Date of Appointment : |
10.11.2005 |
|
DIN No.: |
00081316 |
|
|
|
|
Name : |
Mr. Anil Chandrakant Dalal |
|
Designation : |
Director |
|
Address : |
804, Ratnam Togar, Beside Chief Justic, Bunglow, Ahmedabad – 380054, |
|
Date of Appointment : |
10.11.2005 |
|
DIN No.: |
00081385 |
KEY EXECUTIVES
|
Name : |
Mr. Dhaval Mehta |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Hitesh Jashvantrai Dave |
60000 |
|
Anil Chandrakant Dalal |
60000 |
|
Sejal Hitesh Dave |
30000 |
|
Hitesh J Dave HUF |
10000 |
|
Falguni Anil Dalal |
30000 |
|
Anil C Dalal HUF |
10000 |
|
Total |
200000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Exporter of Control Panel, Boards,
Temperature Controllers, Digital Panel Motors etc. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Good |
|
Countries : |
·
Sri Lanka ·
Kenya ·
UAE |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Japan ·
China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Anik Engineers ·
Anmol Switchgear ·
Capricon Logistics Private Limited ·
Exonix Hi-Tech Components Private Limited ·
Electrical Precision Bras Industries ·
IED Communication Limited ·
International Cargo Services ·
Infomedia India Limited ·
Smyak Instrumentation Private Limited ·
The Orient SP-AGE Publication ·
Siemens Limited Haritha Media Private Limited ·
Shrijee Travels |
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
·
A. G. Associates ·
Auto Power ·
Blue Bell ·
Auto Power ·
J. P. Industries ·
Innovative Controls ·
Hire Polymers Private Limited ·
R. B. Control Devices Private Limited ·
S. V. Enterprises ·
Thermolab Sales and Services Private Limited ·
Clmac Automation Private Limited ·
Finetech Industries ·
Vihan Engineering Private Limited ·
Windsor Machines Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
30 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Union Bank of India, |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashvin K. Yagnik and Company Chartered Accountant |
|
Address : |
55, 6th Floor, Shree Krishna Centre, Near Mithakhali Six
Road, Ahmedabad-380006, Gujarat, India |
|
Pan No.: |
AAKPT0205E |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs. 2.000
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 |
2.000 |
2.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
32.234 |
25.833 |
24.442 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.00 |
|
|
NETWORTH |
34.234 |
27.833 |
25.442 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.125 |
0.478 |
|
|
2] Unsecured Loans |
2.000 |
2.000 |
2.000 |
|
|
TOTAL BORROWING |
2.000 |
2.125 |
2.478 |
|
|
DEFERRED TAX LIABILITIES |
0.212 |
0.197 |
0.161 |
|
|
GENERAL RESERVE |
4.000 |
2.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40.446 |
32.155 |
28.081 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.310 |
2.419 |
2.577 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.104 |
1.607 |
0.895 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.036
|
6.050
|
6.500 |
|
|
Sundry Debtors |
34.842
|
24.234
|
16.990 |
|
|
Cash & Bank Balances |
11.323
|
10.928
|
9.637 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
7.015
|
5.382
|
4.101 |
|
Total
Current Assets |
65.216
|
46.594 |
37.228 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.084
|
14.765
|
6.735 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000 |
|
|
Provisions |
5.100
|
3.700
|
5.890 |
|
Total
Current Liabilities |
29.184
|
18.465 |
12.625 |
|
|
Net Current Assets |
36.032
|
28.129
|
24.603 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.006 |
|
|
|
|
|
|
|
|
TOTAL |
40.446 |
32.155 |
28.081 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
101.201 |
70.786 |
66.430 |
|
|
|
Other Income |
2.291 |
2.209 |
4.027 |
|
|
|
TOTAL |
103.492 |
72.995 |
70.457 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
68.929 |
49.757 |
45.718 |
|
|
|
Indirect Expenditure |
18.587 |
12.231 |
13.132 |
|
|
|
Preliminary Expenses W/off |
0.000 |
0.004 |
0.004 |
|
|
|
TOTAL |
87.516 |
61.992 |
58.854 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
15.976 |
11.003 |
11.603 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.267 |
0.257 |
0.234 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
15.709 |
10.746 |
11.369 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
9.115 |
8.737 |
5.964 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.594 |
2.009 |
5.405 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.833 |
24.442 |
19.485 |
|
|
|
|
|
|
|
|
|
Less |
Income
Tax Earlier Years Expenses |
0.138 |
0.061 |
(0.278) |
|
|
Less |
Dividend
Distribution Tax |
(0.332) |
(0.679) |
(0.170) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
32.233 |
25.833 |
24.442 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
32.97 |
20.09 |
54.05 |
|
Expected Sales (2011-2012) : Rs. 140.000 Millions
The above information has been parted by Mr. Dhaval Mehta.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.37
|
2.75
|
7.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.52
|
15.18
|
27.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.26
|
51.45
|
35.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.38
|
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
0.73 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23
|
2.52
|
2.94 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
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% |
No |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
No |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
OPERATIONS:
It can be found that, the company has been able to achieve good results
inspite the financial condition prevailing in the country and globally. The
fluctuation in the prices of US$ has effected the import cost of the Goods sold
and finally to the profitability of the company. However, the company expects
to do better in the next coming years.
TRADE REFERENCES :
FIXED 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. 50.59 |
|
|
1 |
Rs. 80.34 |
|
Euro |
1 |
Rs. 67.13 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.