MIRA
INFORM REPORT
|
Report Date : |
29.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRAGATI GREEN MEADOWS AND RESORTS LIMITED (w.e.f 29.01.2007) |
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|
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Formerly Known
As : |
PRAGATI GREEN MEADOWS AND RESORTS PRIVATE LIMITED |
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Registered
Office : |
Mega City No. 227, House No. 8-2-293/A/A/2 and A/A/2/A, Road No. 2, Banjara
Hills, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.01.1996 |
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Com. Reg. No.: |
01-022932 |
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Capital
Investment / Paid-up Capital : |
Rs.157.708 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U01120AP1996PLC022932 |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Provided Hospitality Services. |
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|
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No. of Employees
: |
Not Available |
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 1880000 |
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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 (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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
|
Registered Office/ Head Office |
Mega City No. 227, House No. 8-2-293/A/A/2 and A/A/2/A, Road No. 2,
Banjara Hills, |
|
Tel. No.: |
91-40-23553183/ 84/85/36 |
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Fax No.: |
91-40-23553187 |
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E-Mail : |
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Website: |
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Pragati Resorts : |
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Tel. No.: |
91-8417-224111/224112/224113 |
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Fax No.: |
91-8417-224114 |
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E-Mail : |
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For cottage bookings: |
Tel No. : 91-8417-224111/224112/224113 Fax No. : 91-8417-224114 Email: marketing@pragatigroup.com |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Gaddipati Bala Koteswara Rao |
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Designation : |
Managing director |
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Address : |
Plot No. 42, Road No. 5, Jubille Hills, |
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Date of Appointment : |
22.01.1996 |
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DIN No.: |
00097699 |
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Other Directorship:
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Name : |
Mr. Gaddipati Venkata Kumari |
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Designation : |
Whole-time director |
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Address : |
Plot No. 42, Road No. 5, Jubille Hills, |
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Date of Appointment : |
22.01.1996 |
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DIN No.: |
00097800 |
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Other Directorship:
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Name : |
Mr. Gaddipati Ajay Chandra |
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|
Designation : |
Whole-time director |
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|
Address : |
Plot No. 42, Road No. 5, Jubille Hills, |
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Date of Appointment : |
22.01.1996 |
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DIN No.: |
00097848 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
G B K Rao |
|
6392290 |
|
G Venkata Kumari |
|
4219250 |
|
G Ajay Chandra |
|
2933333 |
|
Anuradha |
|
3164 |
|
M Ramkrishna |
|
197 |
|
M Srinivasa Rao |
|
8600 |
|
M Babu Rao |
|
14000 |
|
TOTAL |
|
13570834 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provided Hospitality Services. |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Andhra Bank, Somajiguda Branch, 6-3-352/2, Upper Ground Floor, Astral
Heights, Road No. 1, Banajara Hills, Hyderabad – 500034, Andhra Pradesh,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P Murli Mohana Rao Chartered Accountant |
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Address : |
6-3-655/2/3, Somajiguda, |
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Tel. No.: |
91-40-23326666/23312554/23393967/23321470 |
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Fax No.: |
91-40-23392474 |
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E-Mail : |
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PAN.: |
AAWPP7457L |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
4000000 |
Preferences Share |
Rs.10/- each |
Rs.40.000 Millions |
|
|
TOTAL |
|
Rs.240.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13570834 |
Equity Shares |
Rs.10/- each |
Rs.135.708
Millions |
|
2200000 |
Preferences Share |
Rs.10/- each |
Rs.20.000
Millions |
|
|
TOTAL |
|
Rs.157.708 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 |
157.708 |
157.708 |
154.198 |
|
|
2] Share Application Money |
40.250 |
36.710 |
0.000 |
|
|
3] Reserves & Surplus |
272.393 |
265.553 |
243.661 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
470.351 |
459.971 |
397.859 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
307.989 |
333.433 |
296.347 |
|
|
2] Unsecured Loans |
100.868 |
62.350 |
113.452 |
|
|
TOTAL BORROWING |
408.857 |
395.783 |
409.799 |
|
|
DEFERRED TAX LIABILITIES |
73.394 |
72.350 |
65.208 |
|
|
|
|
|
|
|
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TOTAL |
952.602 |
928.104 |
872.866 |
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
523.683 |
551.959 |
491.885 |
|
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Capital work-in-progress |
10.719 |
0.000 |
56.620 |
|
|
|
|
|
|
|
|
INVESTMENT |
93.005 |
93.005 |
93.005 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
199.747
|
211.957 |
224.232 |
|
|
Cash & Bank Balances |
13.164
|
4.349 |
2.223 |
|
|
Other Current Assets |
188.856
|
175.247 |
191.201 |
|
|
Loans & Advances |
578.451
|
497.982 |
445.770 |
|
Total
Current Assets |
980.218
|
889.535 |
863.426 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
616.676
|
561.303 |
579.783 |
|
|
Other Current Liabilities |
38.347
|
45.092 |
52.288 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
655.023
|
606.395 |
632.071 |
|
|
Net Current Assets |
325.195
|
283.140 |
231.355 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
|
|
|
|
|
|
|
|
TOTAL |
952.602 |
928.104 |
872.866 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
602.839 |
866.668 |
935.154 |
|
|
|
Other Income |
8.569 |
0.372 |
0.000 |
|
|
|
TOTAL (A) |
611.408 |
867.040 |
935.154 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
338.981 |
616.089 |
|
|
|
|
Administrative selling other expenses |
164.217 |
138.486 |
|
|
|
|
TOTAL (B) |
503.198 |
754.575 |
758.587 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
108.210 |
112.465 |
176.567 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
67.234 |
48.765 |
47.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.976 |
63.700 |
129.439 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.600 |
30.452 |
27.313 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.376 |
33.248 |
102.126 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.493 |
4.215 |
14.954 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.883 |
29.033 |
87.172 |
|
|
|
|
|
|
|
|
|
Less |
Provision For Fringe
Benefit Tax |
1.043 |
7.141 |
21.213 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
265.553 |
243.660 |
177.701 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
272.393 |
265.553 |
243.660 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.59 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.29
|
3.35 |
9.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.72
|
3.83 |
10.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.69
|
2.31 |
7.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.07 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.26
|
2.18 |
2.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.47 |
1.37 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U01120AP1996PLC022932 |
|
Name of the
company |
PRAGATI GREEN
MEADOWS AND RESORTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Mega City No. 227, House No. 8-2-293/A/A/2 and A/A/2/A, Road No. 2,
Banjara Hills, Email: accounts@pragatiresorts.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Andhra Bank, Somajiguda Branch, 6-3-352/2, Upper Ground Floor, Astral
Heights, Road No. 1, Banajara Hills, Hyderabad – 500034, Andhra Pradesh, India
Email: bmhydm534@andhrabank.co.in |
|
Nature of
instrument creating charge |
|
|
Date of
instrument Creating the charge |
29.11.2011 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Corporate
Government Terms of
Repayment The company
provides corporate guarantee for the credit facilities sanctioned m/s. PGM
Ferro Steels Private Limited Margin The company
provides corporate guarantee for the credit facilities sanctioned m/s. PGM
Ferro Steels Private Limited Extent and
Operation of the charge The company provides
corporate guarantee as security for the credit facilities sanctioned m/s. Pgm
Ferro Steels Private Limited along with interest, costs, expenses |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The company
provides corporate guarantee for the credit facilities sanctioned m/s. PGM
Ferro Steels Private Limited AC 12.36 GTS of
Land IN SY.NO.395 and 396 (Plot No.307 to 312, 761 to 772, 776 to 784, 789 to
795, 799 TO 812) Extension of
Primary Securities and Collateral
Securities Offered Earlier to the Term Loan (except 3 storied Building
property situated at Plot No.42, Road No.5,Jubilee Hills, Hyderabad in the
name Mrs. G.Venkata Kumari admeasuring 1817 sq.yds). |
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Electrical
and Electronics Equipment
- Sport
Equipment
- Office
Equipment
- Furniture and
Fixture
- Vehicles
- Other Assets
- Live Stock
- Computers
- Goodwill
- Solar
Equipment
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.50.92 |
|
|
1 |
Rs.81.21 |
|
Euro |
1 |
Rs.67.85 |
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 |
NO |
|
--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.