MIRA INFORM REPORT

 

 

Report Date :

13.10.2012

 

IDENTIFICATION DETAILS

 

Name :

PRISM GAS DETECTION PRIVATE LIMITED (w.e.f. 14.07.2007)

 

 

Formerly Known As :

PRISM ELECTRONICS PRIVATE LIMITED

 

 

Registered Office :

213, Oshiwara Industrial Centre, New Link Road, Goregaon (West), Mumbai – 400 104, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

13.02.1987

 

 

Com. Reg. No.:

11-042549

 

 

Capital Investment / Paid-up Capital :

Rs.0.500 Million

 

 

CIN No.:

[Company Identification No.]

U31900MH1987PTC042549

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Gas Detectors and Monitoring Systems.

 

 

No. of Employees :

40 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 20000

 

 

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 and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and condition.

 

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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION PARTED BY

 

Name :

Mr. N.C. Nahar

Designation :

Accounts Manager

Contact No.:

91-22-28761387

Date :

12.10.2012

 

 

LOCATIONS

 

Registered Office :

213, Oshiwara Industrial Centre, New Link Road, Goregaon (West), Mumbai – 400 104, Maharashtra, India

Tel. No.:

91-22-28761387/ 28778974

Fax No.:

91-22-28766116/ 25255403

E-Mail :

prism@lpgsafety.com

pdsmail@pdsarafco.com

Website :

http://www.lpgsafety.com

Area :

415 sq ft

Location :

Owned

 

 

Corporate Office :

243, Oshiwara Industrial Centre, New Link Road, Goregaon (West), Mumbai - 400 104, Maharashtra, India

 

 

Factory:

13/14, RM Corner, Paud Road, Kothrud, Pune - 411 038, Maharashtra, India

Area :

2000

Location :

Owned

 

 

Branch Office :

Located at:

 

v      Delhi

 

 

DIRECTORS

 

As on 29.09.2011

 

Name :

Mr. Subhash Chander Kakkar

Designation :

Director

Address :

213, Oshiwara Industrial Centre, New Link Road, Goregaon (West), Mumbai – 400 104, Maharashtra, India

Date of Birth/Age :

07.12.1954

Qualification :

B. Tech

Date of Appointment :

13.02.1987

DIN No.:

00882388

 

 

Name :

Mr. Krishan Kakkar

Designation :

Director

Address :

Z-1002, Golden Rays Shastri Nagar, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

21.11.1955

Qualification :

C.A

Date of Appointment :

13.02.1987

DIN No.:

01555141

 

 

KEY EXECUTIVES

 

Name :

Mr. N.C. Nahar

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2011


 

Names of Shareholders

 

No. of Shares

Subhash Kakkar

7900

Kiran Kakkar

7700

Krishan Kakkar

200

Anil Kakkar and Indu Kakkar

5100

Jagdish Kakkar and Shantarani Kakkar

10050

Nirmal Kakkar and Satish Kakkar

50

Krishan Kakkar and Anu Kakkar

10000

Sybhash Kakkar H.U.F.

5000

Krishan Kakkar H.U.F.

2500

Anu Kakkar

1500

Total

50000

 

As on 29.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

85.00

Others

 

15.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Gas Detectors and Monitoring Systems.

 

 

Products :

v      Combustible Gas Detector

v      Gas Detector

v      Multi Gas Detector

v      Flue Gas Analyser

v      Toxic Gas Detectors

v      Hydrogen Sulfide Detector

v      Portable Gas Detector

v      Refrigerant Leak Detector

v      Gas Monitors

 

 

Exports :

 

Products :

v      Combustible Gas Detector

v      Gas Detector

v      Multi Gas Detector

v      Flue Gas Analyser

v      Toxic Gas Detectors

v      Hydrogen Sulfide Detector

v      Portable Gas Detector

v      Refrigerant Leak Detector

v      Gas Monitors

Countries :

v      Gulf Countries

v      USA

v      Germany

 

 

Imports :

 

Products :

Raw Materials

Countries :

v      Japan

v      Germany

v      USA

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit 

 

 

GENERAL INFORMATION

 

Suppliers :

v      New Cosmos Electricals, Japan

 

 

Customers :

End Users

 

v      HPCL

v      Tata Motors

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :

v      The Saraswat Co-Operative Bank, SME Vile Parle Branch, Bholanath Co-Operative Housing Society, Subhash Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

v      The Saraswat Co-Operative Bank Limited, Pratiksha Apartment, Opposite Filmistan Studio, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India

v      HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

 

 

Facilities :

Cash Credit – Rs.3.000 millions (From The Saraswat Co-Operative Bank Limited, Vile Parle Branch)

 

Banking Relations :

--

 

 

Auditors :

 

Name :

P.D. Saraf and Company

Chartered Accountants

Address :

1103, Arcadia, 195, Nariman Point, Mumbai – 400 021, Maharashtra, India

Tel. No.:

91-22-30284848 (6 lines)

Fax No.:

91-22-30284850

E-Mail :

pdsmail@pasarafco.com

Income-tax PAN of auditor or auditor's firm :

AAAFP4494K

 

 

CAPITAL STRUCTURE

 

As on 29.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

150000

Equity Shares

Rs.10/- each

Rs.1.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

 

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

0.500

0.500

0.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

4.407

3.329

2.719

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4.907

3.829

3.219

LOAN FUNDS

 

 

 

1] Secured Loans

7.255

5.140

4.182

2] Unsecured Loans

4.875

4.305

3.895

TOTAL BORROWING

12.130

9.445

8.077

DEFERRED TAX LIABILITIES

0.855

0.744

0.731

 

 

 

 

TOTAL

17.892

14.018

12.027

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

13.255

8.055

8.004

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.026

0.026

0.026

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2.003
3.370
2.245

 

Sundry Debtors
6.383
4.587
4.484

 

Cash & Bank Balances
0.359
0.808
0.187

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
1.344
2.258
0.836

Total Current Assets
10.089

11.023

7.752

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors & Other Current Liabilities
5.088
4.886
3.660

 

Provisions
0.390
0.200
0.095

Total Current Liabilities
5.478

5.086

3.755

Net Current Assets
4.611
5.937
3.997

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

17.892

14.018

12.027

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

30.891

31.344

22.939

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

NA

NA

NA

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

2.162

1.367

0.543

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.589

0.544

0.539

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

1.573

0.823

0.004

 

 

 

 

 

Less

TAX                                                                 

0.495

0.213

0.164

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX                           

1.078

0.610

(0.160)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1.829

1.219

1.379

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

2.907

1.829

1.219

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

21.56

12.20

NA

 

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

26.800

 

 

 

 

 

Expected Sales (2012-2013): Rs.30.000 millions

 

The above information has been parted by Mr. N.C. Nahar (Accounts Manager).

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

Net Profit Margin

(PBT/Sales)

(%)
5.09
2.63
0.02

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
6.74
4.31
0.03

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.32
0.21
0.00

 

 

 
 
 

Debt Equity Ratio

(Total Liability/Networth)

 
3.59
3.79
3.68

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
1.84
2.17
2.06

 

 

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) Constitutions of the firm

Yes

4) Premises details

Yes

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

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%

Yes

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 (if applicable)

Yes

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

Yes

30) Major Shareholders, if available

Yes

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


FINANCIAL RESULTS:

 

Due to overall efforts and prudent planning, the working of the year shows satisfactory improvement. The sales remain more or less same at Rs.30.891 millions as compared to Rs.31.344 millions previous year. The profitability improved and company was able to achieve profit level at Rs.1.573 millions as against Rs.0.823 million in previous year. Looking in to present environment and slowdown in overall economy the pressure on sale and profit margin in current year cannot be ruled out. However company will put it all efforts to minimize the impact.

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U31900MH1987PTC042549

Name of the company

PRISM GAS DETECTION PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

213, Oshiwara Industrial Centre, New Link Road, Goregaon (West), Mumbai – 400 104, Maharashtra, India

E-Mail: prism@lpgsafety.com

This form is for

Creation of charge

Type of charge

Immovable Property

Particular of charge holder

CIN No.: L65920MH1994PLC080618

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

E-Mail: RBBform8@hdfcbank.com

Nature of description of the instrument creating or modifying the charge

Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.

Date of instrument Creating the charge

31.05.2012

Amount secured by the charge

Rs.4.389 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

Interest at the rate as may be communicated by the Bank from time to time.

 

Terms of Repayment:

On Demand

 

Margin:

As may be stipulated by the Bank from time to time.

 

Extent and Operation of the charge:

The Company created a mortgage by deposit of title deeds in respect of its immovable properties, as security for repayment of Rs.4.389 millions by the Company together with principal, interest, liquidated damages, costs, charges and expenses.

 

Others:

Nil

Short particulars of the property charged

Immovable property situated at Unit No.240, 2nd Floor Oshiwara Industrial Centre, Opposite Oshiwara Bus Depot, New Link Road, Goregaon (West), Mumbai-400 104.

 

TRADE REFERENCES:

 

v      HPCL

v      Tata Motors

v      New Cosmos Electricals, Japan

 

FIXED ASSETS:

 

v      Office Premises

v      Computers

v      Furniture and Fixtures

v      Plant and machinery

v      Air Conditions

v      Office equipments

v      Motor Car

v      Electric Installations

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.52.70

UK Pound

1

Rs.84.51

Euro

1

Rs.68.15

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

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

4

--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

 

43

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.