|
Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
PALCO RECYCLE EXCHANGE LIMITED (w.e.f. 07.02.2007) |
|
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Formerly Known
As : |
KALYANI SHARP ABRESIVE LIMITED |
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Registered
Office : |
Opposite Khanwadi, CTM-Ramol Road,
Post Jantanagar, Ahmedabad-382449, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.01.1995 |
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|
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Com. Reg. No.: |
04-024124 |
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Capital
Investment / Paid-up Capital : |
Rs.50.000
Millions |
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|
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CIN No.: [Company Identification
No.] |
U74999GJ1995PLC024124 |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trading of All Types of Recycling Scrap and Wastes. |
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No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 220000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Mr. Amit
From Accounts Department provided us all the information. There appears some
dip turnover in during the year 2012 but the financials are not verified. As
per the verified financials of 2010. It seems that the reserves of the
company insufficient and profitability of the company also appears to be low.
However, trade relations are reported as fair. Business is active.
Payments are unknown. The company can be considered for business dealings with some
cautions. NOTE: Due to technical error in the government sites, we hereby provide you the report with available details and we would provide you with a on the same company as soon as we get the additional information. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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. Amit |
|
Designation : |
Accounts Department |
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Contact No.: |
91-79-25850690 |
|
Date : |
05.02.2013 |
LOCATIONS
|
Registered Office : |
Opposite Khanwadi, CTM-Ramol Road,
Post Jantanagar, Ahmedabad-382449, Gujarat, India |
|
Tel. No.: |
91-79-25850690/ 91 / 92 / 65258207 |
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Fax No.: |
91-79-25855338 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
Located At:
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DIRECTORS
AS ON 20.09.2010
|
Name : |
Mr. Kirankumar Babulal Agrawal |
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Designation : |
Director |
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Address : |
A/801, |
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Date of Birth/Age : |
23.10.1964 |
|
Date of Appointment : |
30.11.2006 |
|
DIN No.: |
00395934 |
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|
|
|
Name : |
Mr. Pramod Ramanlal Agrawal |
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Designation : |
Director |
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Address : |
4, |
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Date of Birth/Age : |
15.06.1976 |
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Date of Appointment : |
30.11.2006 |
|
DIN No.: |
00596327 |
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|
|
|
Name : |
Mr. Kanaiyalal Babulal Agrawal |
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Designation : |
Director |
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Address : |
77, Tulsi Row House, |
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Date of Birth/Age : |
13.03.1965 |
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Date of Appointment : |
30.11.2006 |
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DIN No.: |
00594240 |
KEY EXECUTIVES
|
Name : |
Mr. Rashmikant |
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Designation : |
Accounts Department |
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Name : |
Mr. Sanlin |
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Designation : |
Office Assistant |
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Name : |
Mr. Rahul |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2010
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 20.09.2010
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
96.79 |
|
Directors or relatives of Directors |
|
3.21 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of All Types of Recycling Scrap and Wastes. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Purchasing : |
Credit |
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Selling : |
Credit |
GENERAL INFORMATION
|
Suppliers : |
· Sharif Metal International DMCC |
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Customers : |
Wholesalers · Palco Recycle Industries Limited |
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|
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No. of Employees : |
35 (Approximately) |
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|
|
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Bankers : |
·
State Bank of India, Sahibaug Road Branch,
India · Axis Bank · ICICI Bank |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gattani and Associates Chartered Accountant |
|
Address : |
1003-4, Samudra Annexe, Near Hotel Klassic Gold, Ellisbridge,
Ahmedabad – 38006, |
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|
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Sister Concern : |
Address: Manufacturing
of Recycling Scrap. |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.000 |
25.500 |
25.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.089 |
1.643 |
1.394 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
54.089 |
27.143 |
26.894 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
38.217 |
28.632 |
0.100 |
|
|
TOTAL BORROWING |
38.217 |
28.632 |
0.100 |
|
|
DEFERRED TAX LIABILITIES |
0.001 |
0.003 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
92.307 |
55.778 |
26.994 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
0.021 |
0.021 |
0.021 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.913 |
|
|
Sundry Debtors |
10.578
|
0.116 |
0.479 |
|
|
Cash & Bank Balances |
18.627
|
12.695 |
0.519 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
71.825
|
69.304 |
25.962 |
|
Total
Current Assets |
101.030
|
82.115 |
27.873 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.290
|
1.501 |
0.557 |
|
|
Other Current Liabilities |
4.259
|
24.919 |
0.017 |
|
|
Provisions |
1.347
|
0.243 |
0.784 |
|
Total
Current Liabilities |
8.896
|
26.663 |
1.358 |
|
|
Net Current Assets |
92.134
|
55.452 |
26.515 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.152 |
0.305 |
0.458 |
|
|
|
|
|
|
|
|
TOTAL |
92.307 |
55.778 |
26.994 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
548.657 |
164.177 |
37.963 |
|
|
|
Other Income |
5.944 |
1.978 |
2.301 |
|
|
|
TOTAL (A) |
554.601 |
166.155 |
40.264 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchased of Finished Goods |
546.157 |
161.894 |
36.563 |
|
|
|
Administrative Expenses |
3.964 |
2.113 |
1.949 |
|
|
|
Salary and Wages |
0.783 |
0.666 |
0.849 |
|
|
|
Misc. Expenses W/off |
0.152 |
0.152 |
0.152 |
|
|
|
Increased/(Decreased) in stock |
0.000 |
0.913 |
(0.913) |
|
|
|
TOTAL (B) |
551.056 |
165.738 |
38.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.545 |
0.417 |
1.664 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.545 |
0.417 |
1.664 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.004 |
0.006 |
0.007 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.541 |
0.411 |
1.657 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.095 |
0.162 |
0.522 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.446 |
0.249 |
1.135 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.643 |
1.394 |
0.259 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4.089 |
1.643 |
1.394 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.61 |
0.10 |
-- |
|
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
|
450.000 |
550.000 |
|
|
|
|
|
The above information has been parted by Mr. Amit.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.44
|
0.15 |
2.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.64
|
0.25 |
4.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.50
|
0.50 |
0.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.02 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.70
|
1.05 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.36
|
3.08 |
20.52 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars
|
Rs. In Millions 31.03.2010 |
Rs. In Millions 31.03.2009 |
Rs. In Millions 31.03.2008 |
|
|
|
|
|
|
Agarwal Kothari and Agrawal |
0.000 |
0.000 |
0.006 |
|
Bhagwati Offset |
0.035 |
0.000 |
0.077 |
|
D H Printers |
0.002 |
0.000 |
0.000 |
|
Garima Communication |
0.000 |
0.000 |
0.196 |
|
Grace Image |
0.000 |
0.000 |
0.006 |
|
Kalpataru Infosoft Private Limited |
0.000 |
0.000 |
0.010 |
|
Macro World Softwares |
0.000 |
0.000 |
0.001 |
|
Mahashakti Freight Carrier |
0.000 |
0.000 |
0.029 |
|
Mukeshbhai K Patel |
0.000 |
0.008 |
0.000 |
|
Remetal Traders |
0.341 |
0.269 |
0.000 |
|
Sai Krupa Photo Offset Private Limited |
0.000 |
0.000 |
0.001 |
|
Shree Maruti Courier Services private Limited |
0.000 |
0.000 |
0.015 |
|
Shree Rama |
0.836 |
0.408 |
0.000 |
|
Shree Shyam Fright Carrier |
0.000 |
0.000 |
0.022 |
|
Sonia Kakani and Associates |
0.001 |
0.000 |
0.000 |
|
Sugan Express Private Limited |
0.002 |
0.005 |
0.005 |
|
Super Express Couriers |
0.000 |
0.00 |
0.001 |
|
Umiya Plastic |
0.000 |
0.000 |
0.089 |
|
Unique Forwarders |
2.073 |
0.792 |
0.099 |
|
Unique Marketing Company |
0.000 |
0.019 |
0.000 |
|
|
|
|
|
|
Total |
3.290 |
1.501 |
0.557 |
|
Sr. No. |
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 |
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% |
-- |
|
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 |
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 |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
|
Unsecured Loan |
Rs. In Millions 31.03.2010 |
Rs. In Millions 31.03.2009 |
|
|
|
|
|
Krishna Capital Securities Limited |
31.171 |
23.488 |
|
Krishna Worldwide Private Limited (Loan) |
0.000 |
5.144 |
|
Pramod Agarwal (Loan A/c) |
0.769 |
0.000 |
|
Palco Recycle Industries Limited |
4.989 |
0.000 |
|
Thakkar Financial Services Private Limited |
0.746 |
0.000 |
|
Vital Marketing and Finance Private Limited |
0.542 |
0.000 |
|
TOTAL |
38.217 |
28.632 |
FINANCIAL RESULTS:
The Directors feels pleasure in presenting before the financial results for the ending year. The sales of the company stood at Rs.548.657 Millions as compared to the last year of Rs.164.177 Millions. Sales of the company rise to the 3 fold this year. Other income also shows the same results stood at Rs.5.944 Millions from the last year Rs.1.978 Millions Net profit of the company rose to Rs.2.446 Millions approximately ten times higher than the last fiscal year.
FINANCE:
During the Year the company raised the funds by issuing 24,
50,000 new Equity Shares of Rs.10/- each. The Paid-up capital of the company
stood at Rs.5.000 Millions
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 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.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.