MIRA
INFORM REPORT
|
Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PROPIX
TECHNOLOGIES PRIVATE LIMITED |
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|
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Registered
Office : |
House No.1720
and 1721, 1st Floor, Dhareshwar Industries, S No.14, Dhadge Industrial
Estate, Nanded Phata Taluka:Haveli, Village Nanded, Pune – 411 041,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.08.2007 |
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Com. Reg. No.: |
11-135086 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U72100PN2007PTC135086 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Developing and Manufacturing of Camera based vision inspection systems
mainly used in Pharma Industry. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 99000 |
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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 a satisfactory track record. The company has
performed well during the year 2011-2012. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitment. The company can
be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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.
LOCATIONS
|
Registered Office : |
House No.1720
and 1721, 1st Floor, Dhareshwar Industries, S No.14, Dhadge
Industrial Estate, Nanded Phata Taluka:Haveli, Village Nanded, Pune – 411
041, Maharashtra, India |
|
Tel. No.: |
91-20-32407776/ 24227577 |
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Fax No.: |
91-20-24227588 |
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E-Mail : |
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Website : |
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Service Office : |
Located at: ·
Mumbai ·
Goa ·
Bangalore ·
Hyderabad ·
Delhi ·
Ahemadabad ·
Baddi ·
Rangpo |
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|
|
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Overseas Office : |
Located at: ·
Ajman ·
UAE |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Nitin Pandurang Patwardhan |
|
Designation : |
Director |
|
Address : |
B-203, B1, Valentine Apartment III CHS Limited, General A.K. Vaidya
Marg, Malad (East), Mumbai – 400 097, Maharashtra, India |
|
Date of Birth/Age : |
09.07.1963 |
|
Date of Appointment : |
21.08.2007 |
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DIN No.: |
01677137 |
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|
|
|
Name : |
Mr. Ashwin Vasantrao Kapadnis |
|
Designation : |
Director |
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Address : |
54/1, Aranyeshwar, Darshan Society, Pune – 411 009, Maharashtra, India
|
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Date of Birth/Age : |
27.07.1977 |
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Date of Appointment : |
21.08.2007 |
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DIN No.: |
01677719 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Nitin Pandurang Patwardhan |
|
5000 |
|
Ashwin Vasantrao Kapadnis |
|
5000 |
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Total |
|
10000 |
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Developing and Manufacturing of Camera based vision inspection systems
mainly used in Pharma Industry. |
GENERAL INFORMATION
|
Suppliers : |
·
C.S. Enterprises ·
Deepak Products ·
Everest Fabricators and Andosing Industries ·
Gadgets and Laptops ·
Lubi Electronics ·
Aakar Creation ·
Allied Trading Company ·
Pearl Systems ·
S.R. Enterprises ·
Yogesh Electronics ·
Veekay Graphics ·
Trimurti Fabricators ·
Renuka Techno Arts ·
Shakti Steel Works ·
Module Systems ·
Nilesh Enterprise ·
Montex Metals ·
Packsheild Industries |
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Customers : |
· Cipla Limited, Kurkumbh · Cipla Limited, Patalganga · Cipla Limited, Baddi, Himachal Pradesh · Cipla Limited, Sikkim · Cipla Limited, Goa ( Unit I to IX ) · Cipla Limited, Uganda · Cosmos Research Lab Limited · Dabur Pharma Limited, Himachal Pradesh · Dr. Reddy's Laboratories Limited, Hyderabad · Emcure Pharmaceuticals Limited, Pune · Glenmark Generics Limited, Goa · Jubilant Organosys Limited, Haridwar · Lupin Limited, Goa · Ranbaxy Laboratories Limited, Dewas, Indore · Ranbaxy Laboratories Limited, Paonta Sahib · Sandoz Limited, Mumbai · Watson Pharma Private Limited, Goa · Wintech Limited, Goa · Cadburry India Limited, Himachal Pradesh · Borkar Packaging Private Limited · Modern Printers · Manipal Press Limited · Offset Printers · Process Color · Seshasai Business Forms Private Limited · The Paper Products Limited · Veekay Graphics · Velpack Private Limited · Minda Stoneridge Instruments Limited · Visteon Automotive Systems India Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
Bank of Maharashtra, Mumbai, Maharashtra, India ·
Bank of Maharashtra, Pune, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.S. Jhunjhunwala and Company Chartered Accountants |
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Address : |
306, Acruti Arcade, J.P. Road, Opposite Wadia High School, Andheri,
Mumbai – 400 053, Maharashtra, India |
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Tel. No.: |
91-22-26743351/ 26743352 |
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Fax No.: |
91-22-26734498 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAFPS9016H |
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Associates : |
·
Precision Cutting Systems Private Limited ·
Precise Equipments Private Limited |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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 |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
24.563 |
8.124 |
4.777 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
24.663 |
8.224 |
4.877 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.699 |
1.010 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
1.000 |
0.000 |
|
|
TOTAL BORROWING |
0.699 |
2.010 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.272 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25.634 |
10.234 |
4.877 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
2.360 |
1.048 |
0.723 |
|
|
Capital work-in-progress |
0.830 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.084 |
0.088 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.114
|
5.401 |
4.374 |
|
|
Sundry Debtors |
19.080
|
4.755 |
3.271 |
|
|
Cash & Bank Balances |
1.027
|
0.860 |
0.278 |
|
|
Other Current Assets |
2.071
|
1.182 |
0.416 |
|
|
Loans & Advances |
1.099
|
1.414 |
2.802 |
|
Total
Current Assets |
29.391
|
13.612 |
11.141 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.647
|
1.661 |
3.719 |
|
|
Other Current Liabilities & Provisions |
5.300
|
2.849 |
3.356 |
|
Total
Current Liabilities |
6.947
|
4.510 |
7.075 |
|
|
Net Current Assets |
22.444
|
9.102 |
4.066 |
|
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|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25.634 |
10.234 |
4.877 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
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Revenue from Operation |
86.151 |
34.951 |
20.363 |
|
|
|
Other Income |
0.455 |
0.336 |
0.055 |
|
|
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TOTAL |
86.606 |
35.287 |
20.418 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
61.097 |
30.060 |
17.588 |
|
|
|
Administrative Expenses |
|
|
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|
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|
Advertising Expenses |
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|
|
|
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TOTAL |
61.097 |
30.060 |
17.588 |
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
25.509 |
5.227 |
2.830 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.588 |
0.265 |
0.167 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
24.921 |
4.962 |
2.663 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.483 |
1.614 |
0.869 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
16.438 |
3.348 |
1.794 |
|
|
|
|
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|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
8.125 |
4.777 |
2.983 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
24.563 |
8.125 |
4.777 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
0.000 |
0.746 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
0.746 |
0.000 |
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
21.090 |
7.248 |
0.505 |
|
|
TOTAL IMPORTS |
21.090 |
7.248 |
0.505 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1643.80 |
334.77 |
179.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
18.98
|
9.49 |
8.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
28.93
|
14.20 |
13.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
78.49
|
33.85 |
22.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.01
|
0.60 |
0.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.03
|
0.24 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.23
|
3.02 |
1.57 |
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
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 |
|
Unsecured Loans |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Loans and
Advances from related parties |
0.000 |
1.000 |
|
Total |
0.000 |
1.000 |
Note:
The registered office of the company has been shifted from S. No.42/A/3/1,
Office No.301, The Pentagon Complex, Pune Satara Road, Parvati, Pune – 411 009,
Maharashtra to the present address w.e.f. 05.04.2012.
BUSINESS SCENARIO:
During the year
company has developed and manufactured the Camera based vision inspection
systems it is mainly used in Pahrma Industry. The equipment is mandatory for
all pharma exporters. Through its existing contracts and continuous efforts,
the Company made a turnover of Rs.86.151 millions.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U72100PN2007PTC135086 |
|
Name of the company |
PROPIX
TECHNOLOGIES PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
House No.1720
and 1721, 1st Floor, Dhareshwar Industries, S No.14, Dhadge
Industrial Estate, Nanded Phata Taluka:Haveli, Village Nanded, Pune – 411
041, Maharashtra, India E-Mail: admin@propixtech.com |
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10244495 |
|
Type of charge |
Book Debts Movable Property (not being pledge) Floating Charge |
|
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 |
Supplementary Letter of Hypothecation. |
|
Date of instrument Creating the charge |
09.01.2013 |
|
Amount secured by the charge |
Rs.7.500 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: Hypothecation by way of First Charge on
Company's Stocks, Book Debts to secure as a continuing security for the
repayment of Rs.7.500 millions together with interest, costs, charges,
expenses and other moneys due and payable by the Company to the Bank. Others: Nil |
|
Short particulars of the property charged |
Stock-in-trade, consisting of raw
materials, goods in process of manufacturing finished goods, and other
merchandise whatsoever being movable properties All the debts, that is, all the book
debts, outstandings, monies receivables, claims, bills, invoice documents, contracts,
guarantees, and rights |
|
Particulars of the present
modification |
The Charge shall now stand increased from
Rs.3.500 millions to Rs.7.500 millions against the security of Stocks, Book
Debts of the Company. |
FIXED ASSETS:
Tangible Assets
·
Plant and Machinery
·
Motor Car
·
Furniture
·
Computer
·
Office Equipments
·
Camera
·
Yo Bike Two Wheeler
·
Mobile Phone
Intangible Assets
·
Software
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 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 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 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.53.94 |
|
|
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.