MIRA
INFORM REPORT
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Report Date : |
26.03.2012 |
IDENTIFICATION DETAILS
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Name : |
PRAVARSH IMPEX PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.02.2005 |
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Com. Reg. No.: |
11-151636 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U51909MH2005PTC151636 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP19647F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Electrical Steel. |
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No. of Employees
: |
13 (Approximately) (Office – 6 and Warehouse – 7) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 67000 |
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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. The company can be considered 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sandeep |
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Designation : |
Accounts Officer |
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Contact No.: |
91-22-24025191 |
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Date : |
22.03.2012 |
LOCATIONS
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Registered Office : |
Suite 204 A Wing, Godrej Coliseum
Somaiya Hospital Road, Off Eastern Express Highway Sion, Mumbai – 400 022,
Maharashtra, India |
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Tel. No.: |
91-22-24025191/ 92 |
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Fax No.: |
91-22-24025188 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Warehouse: |
L-31132, MIDC, Taloja, District – Raigarh |
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Area : |
20000 Sq.ft |
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Location : |
Owned |
DIRECTORS
AS ON 19.09.2011
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Name : |
Mr. Prakash Kanubhai Shah |
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Designation : |
Director |
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Address : |
51/10 Manorath Nikunj RA Kidwai, 2nd Floor, |
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Date of Birth/Age : |
03.09.1954 |
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Date of Appointment : |
28.02.2005 |
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DIN No.: |
00357802 |
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Name : |
Mrs. Varsha Prakash Shah |
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Designation : |
Director |
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Address : |
51/10 Manorath Nikunj RA Kidwai, 2nd Floor, |
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Date of Birth/Age : |
08.11.1957 |
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Date of Appointment : |
02.04.1995 |
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DIN No.: |
00357849 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep |
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Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.09.2011
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Names of Shareholders |
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No. of Shares |
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Prakash Kanubhai Shah |
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5000 |
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Versha Prakash Shah |
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5000 |
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Total
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10000 |
AS ON 30.09.2011
Equity Shares Break – up
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Electrical Steel. |
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Products : |
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Imports : |
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Products : |
Electrical Steel |
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Countries : |
· US · Europe |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
13 (Approximately) (Office – 6 and Warehouse – 7) |
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Bankers : |
· Indian Bank, Wadala Branch, 205, R. A. Kidwai Road, Wadala-West, Mumbai 400031, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
S P Nayak and Company Chartered Accountants |
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Address : |
1/B-9 Doodhsagar Co-op Housing Society, |
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PAN No.: |
AABPN0372M |
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Associates/Subsidiaries : |
·
Dynamo
Stamping Industry Address: L-28, MIDC, Taloja, District- Raigarh Activity: Importer of Electrical Steel. Proprietors Capital: Rs. 10.797 Millions Sales: Rs. 33.077 Millions. ·
Nimit
Impex Address: L-29, MIDC, Taloja, District- Raigarh Activity: Importer of Electrical Steel Proprietors Capital: Rs. 10.191 Millions Sales: Rs. 29.712 Millions |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.604 |
9.850 |
4.478 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.704 |
9.950 |
4.578 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
277.800 |
224.100 |
197.245 |
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TOTAL BORROWING |
277.800 |
224.100 |
197.245 |
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DEFERRED TAX LIABILITIES |
2.487 |
1.992 |
0.000 |
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TOTAL |
296.991 |
236.042 |
201.823 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.967 |
33.309 |
29.965 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
3.572 |
3.613 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
146.762
|
149.651
|
97.919
|
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Sundry Debtors |
335.375
|
327.550
|
198.686
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Cash & Bank Balances |
86.381
|
11.774
|
0.041
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
39.599
|
34.585
|
22.877
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Total
Current Assets |
608.117
|
523.560 |
319.523 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
311.238 |
296.743 |
130.159
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Other Current Liabilities |
24.451
|
19.671
|
11.385
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Provisions |
10.977
|
8.027 |
6.127 |
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Total
Current Liabilities |
346.666
|
324.441
|
147.671
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Net Current Assets |
261.451
|
119.119
|
171.852
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
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TOTAL |
296.991 |
236.042 |
201.823 |
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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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|
578.641 |
428.558 |
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Other Income |
|
25.439 |
7.577 |
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TOTAL (A) |
746.137 |
604.080 |
436.135 |
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Less |
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Cost of Goods Sold |
|
551.261 |
305.851 |
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Conveyance Expenses |
|
0.063 |
0.051 |
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Office and Staff Welfare Expenses |
|
0.079 |
0.070 |
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Miscellaneous Expenses |
|
0.078 |
0.058 |
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Auditor Remunerations |
|
0.100 |
0.060 |
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Commission Expense |
|
0.124 |
5.599 |
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Other Expense |
|
27.546 |
110.893 |
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TOTAL (B) |
734.447 |
579.251 |
422.582 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including
Financial Expenses) |
24.829 |
13.553 |
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Less |
FINANCIAL
EXPENSES (D) |
|
18.053 |
17.966 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.690 |
6.776 |
(4.413) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.449 |
1.126 |
0.827 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.241 |
5.650 |
(5.240) |
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Less |
TAX (H) |
3.487 |
0.278 |
0.050 |
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PROFIT AFTER TAX
(G-H) (I) |
6.754 |
5.372 |
(5.190) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.850 |
4.478 |
NA |
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BALANCE CARRIED
TO THE B/S |
16.604 |
9.850 |
NA |
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IMPORTS |
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Raw Materials/ Goods Traded |
503.671 |
481.732 |
341.452 |
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TOTAL IMPORTS |
503.671 |
481.732 |
341.452 |
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Earnings Per
Share (Rs.) |
675.42 |
537.20 |
-- |
|
Expected Sales (2011-12): Rs.600.000 Millions (Due to transfer of
business to its sister concern)
The above information has been parted by Mr. Sandeep.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.91
|
0.80
|
1.18 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.97
|
1.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.60
|
3.70
|
2.59 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.56
|
1.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
37.38
|
55.15
|
75.34 |
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Current Ratio (Current Asset/Current Liability) |
|
1.75
|
1.61
|
2.16 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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(Rs. In Millions) |
||
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Sundry Creditors
|
|
|
|
|
- Creditors for Others |
311.238 |
296.743 |
130.159
|
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Total |
311.238 |
296.743 |
130.159
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Check list by info
Agents |
Available in Report (Yes/ No) |
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Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
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Constitution of the Firm |
Yes |
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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 |
----- |
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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 |
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Turnover of Firm for last three years |
Yes |
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Profitability for last three years |
No |
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Reasons for variation <> 20% |
----- |
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Estimation for coming financial year |
Yes |
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Capital in the business |
Yes |
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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 |
No |
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Incorporation details is applicable |
----- |
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Last Accounts filed at ROC |
----- |
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Major Shareholders, if available |
----- |
NOTE:
The registered office of the company has been shifted from 204, A Wing
Godrej Jcoliseum off Eastern Express Highway Sion, Mumbai-400 022,
THE CONTINGENT LIABILITIES IN RESPECT OF:
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Bank’s Letter of Credit Facility |
8.154 |
6.027 |
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FORM 8:
|
Corporate
identity number of the company |
U51909MH2005PTC151636 |
|
Name of the
company |
PRAVARSH IMPEX
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Suite 204 Godrej Coliseum
Somaiya Hospitalm Road, Off Eastern
Express Highway Sion, Mumbai – 400022, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable Property
Book Debts Movable Property Others: Current
and Fixed Assets |
|
Particular of
charge holder |
Indian Bank Wadala Branch,
205, R. A. Kidwai Road, Wadala-West, Mumbai – 400031, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1.Agreement of
hypothecation of movables 2.Agreement for
open cash credit (stocks /book debts) 3.Letter from
party to bank confirming the creation of equitable mortgage (All above
agreement constitute a single charge only) |
|
Date of
instrument Creating the charge |
04/11/2011 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base rate + 3%
and / or as stipulated by bank from time to time Terms of
Repayment One year and / or
as stipulated by bank from time to time Margin 25 % margin and / or as stipulated by bank from time to
time Extent and
Operation of the charge First Charge
(present and future) =Total Limit Rs.100.000 Millions (cash credit Rs.30.000
Millions and Import LC (DA/DP 120 days=Rs.70.000
Millions) and/or as stipulated by bank from time to time Others As stipulated by
bank from time to time and as per sanction letter of the bank |
|
Short particulars
of the property charged |
First Charge
(present and future on following assets)- (1) Hypothecation
of all stock/ goods/ inventories/ products/ stores/ tools kept at borrower
place/ premises/ factories/ godown/ etc or where else or in transit including
bought under letter of credit (2) hypothecation
of all book debts and receivables (3) Hypothecation
of all current, movable and fixed assets of the company (4) hypothecation
of all the assets, plant and machinery
and other assets to be purchases out
of bank finance (5) EMG of Flat
No.4 Manorath Nikunj CHS, 51 R.A. Kidwai Road, Matunga (East) , Mumbai-400
019 (6) EMG of Office
Premises at 204, A, Wing, Godraj Coliseum, Sion, Mumbai-400 022 (7) EMG of Godown
at L 31 and 32 MIDC, Taloja, Dist-Raigad |
FIXED ASSETS:
·
Air conditioner Plant
·
Computer
·
Weighing Scale
·
Furniture and Printer
·
Furniture
·
Godown
·
·
Office Premise
·
Refrigerator
·
Crane
·
Television Set
·
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.51.31 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.67.98 |
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 |
NO |
|
--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 |
|
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.