MIRA INFORM REPORT
|
Report Date : |
29.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRESTIGE FEED MILLS LIMITED [w.e.f.30.03.1993] |
|
|
|
|
Formerly Known
As : |
PRESTIGE FEED MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
30, Jaora Compound, M.Y.H Road, Indore – 452001, Madhya Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
15.10.1980 |
|
|
|
|
Com. Reg. No.: |
10-001673 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 49.295
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15332MP1980PLC001673 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP0412H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Soy Products like Soyabean
Processing, Food Products, Feed Products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The company has seen a better growth in its sales turnover but the
profit margin appears to be low. Ratings also take into consideration the risks associated with the
edible oil industry including the high competitive intensity and volatility
in the prices of raw materials. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of locational advantage, as the company is situated in the soybelt
of the country and the strong promoter experience the subject can be
considered for business dealings with some caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits : BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
August 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund based limits : A4 |
|
Rating Explanation |
Minimal degree of safety and high credit
risk. |
|
Date |
August 2012 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE [91-731-4011111]
LOCATIONS
|
Registered/ Corporate Office : |
30, Jaora Compound, M.Y.H Road, Indore – 452001, Madhya Pradesh,
India |
|
Tel. No.: |
91-731-4011111/ 4041111/ 2704600 |
|
Fax No.: |
91-731-4011110/ 2704455 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Located at: v Dewas v Ambala |
|
|
|
|
Branch Offices : |
Located at: v New Delhi v Mumbai v Ambala |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Manmath Patni |
|
Designation : |
Director |
|
Address : |
O-103, Mankamal Nemi Nagar, Indore – 452009, Madhya Pradesh, India |
|
Date of Birth/Age : |
30.01.1946 |
|
Qualification : |
M.Sc. DLCHNF
(USA), Ph. D. |
|
Date of Appointment : |
04.04.2002 |
|
DIN No.: |
00017816 |
|
|
|
|
Name : |
Mr. Ramesh Jain |
|
Designation : |
Director |
|
Address : |
N/15, Saket, Indore – 452018, Madhya Pradesh, India |
|
Date of Birth/Age : |
14.12.1951 |
|
Qualification : |
B. Com, MBA |
|
Date of Appointment : |
15.07.2001 |
|
DIN No.: |
00038352 |
|
|
|
|
Name : |
Mr. Purushottam Lodha |
|
Designation : |
Director |
|
Address : |
A/1 204, Shenni Residency, A.B. Road, Indore – 452001, Madhya Pradesh,
India |
|
Date of Birth/Age : |
22.08.1946 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
03.05.2004 |
|
DIN No.: |
03275879 |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Ratnaparkhi |
|
Designation : |
Secretary |
|
Address : |
9-D, Sampat Farms, Opposite Agarwal Public School, Bicholi Mardana Road,
Indore – 452016, Madhya Pradesh, India |
|
Date of Birth/Age : |
04.09.1968 |
|
Date of Appointment : |
01.04.1995 |
|
PAN No.: |
AFUPR5275F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Dipin Jain |
|
649350 |
|
Nemnath Jain |
|
812680 |
|
Davish Jain |
|
479000 |
|
Sunita Jain |
|
166400 |
|
Prestige Starch-Chem Private
Limited, India |
|
50150 |
|
Prakashwanti Jain |
|
565000 |
|
Kanishka Mercantile
Limited, India |
|
309500 |
|
Renu Jain |
|
131400 |
|
Rachita Jain |
|
30000 |
|
Shikha Jain |
|
30000 |
|
Prestige Foods Limited,
India |
|
300000 |
|
Prestige Agro Tech Limited,
India |
|
410000 |
|
Bahubali Properties
Limited, India |
|
270000 |
|
Himanshu Jain |
|
15000 |
|
Monika Jain |
|
44020 |
|
Kapii Jain |
|
59000 |
|
Avance technologies
Limited, India |
|
272500 |
|
Empower India Limited,
India |
|
335000 |
|
Kajal Jain |
|
500 |
|
|
|
|
|
Total |
|
4929500 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
39.50 |
|
Other
top fifty shareholders |
|
60.50 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Soy Products like Soyabean
Processing, Food Products, Feed Products. |
||||
|
|
|
||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production (Qty.MT) |
|
Solvent Extraction, De oil Cake Plant |
(MT) |
120000 |
120000 |
115150 |
|
Oil and Fats |
-- |
-- |
-- |
29205 |
|
High Protein Soya Flour |
(MT) |
45000 |
45000 |
-- |
|
Refinery |
(MT) |
30000 |
30000 |
-- |
|
By Products- Lecithin, Acid Oil, Boiled Soap |
(MT) |
3200 |
3200 |
-- |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
v State Bank of Indore, Industrial Finance Branch, Abhay Prashal, Indore - 452001, Madhya Pradesh, India v State Bank of India Consortium, Khel Prashal, Race Course Road, Indore - 452001, Madhya Pradesh, India v State Bank of India, Commercial Branch, Near G.P.O, A.B. Road, Indore – 452001, Madhya Pradesh, India v Punjab National Bank, Sitlamata Bazaar, Indore - 452001, Madhya Pradesh, India v Central Bank of India, 2nd Floor, Palika Plaza, Phase-I, M. T. H. Compound, Indore - 452007, Madhya Pradesh, India v ICICI Bank Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
v Madhya Pradesh Financial Corporation, Finance House, Agra Bombay Road, Indore - 452001, Madhya Pradesh, India v MPFC
Capital Markets (A Division of MPFC), Navaratan Bagh Opposite St. Paul
Primary School, Indore - 452001, Madhya Pradesh, India |
|
|
|
|
Auditors : |
|
|
Name : |
S.M. Jain and Company Chartered Accountants |
|
Address : |
103, Shalimar Corporate Center, 8, South Tukoganj, Indore
– 452001, Madhya Pradesh, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ABCSF1046D |
|
|
|
|
Associates : |
v Prestige Fabricators Private Limited [U28121MP1982PTC002040] v Prestige Foods Limited [L15141MP1979PLC001535] v Prestige
Feed Mills |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,929,500 |
Equity Shares |
Rs. 10/- each |
Rs. 49.295
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
49.295 |
46.795 |
|
(b) Reserves & Surplus |
|
226.041 |
177.345 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
275.336 |
224.140 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
84.531 |
80.414 |
|
(b) Deferred tax liabilities (Net) |
|
22.315 |
23.199 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
106.846 |
103.613 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
592.711 |
667.614 |
|
(b)
Trade payables |
|
180.506 |
108.920 |
|
(c)
Other current liabilities |
|
108.796 |
114.588 |
|
(d)
Short-term provisions |
|
13.941 |
13.774 |
|
Total
Current Liabilities (4) |
|
895.954 |
904.896 |
|
|
|
|
|
|
TOTAL |
|
1278.136 |
1232.649 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
184.353 |
199.747 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
87.024 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.501 |
0.501 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
6.080 |
11.673 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
277.958 |
211.921 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
537.281 |
713.149 |
|
(c)
Trade receivables |
|
348.059 |
245.670 |
|
(d)
Cash and cash equivalents |
|
14.664 |
13.416 |
|
(e)
Short-term loans and advances |
|
100.174 |
48.493 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
1000.178 |
1020.728 |
|
|
|
|
|
|
TOTAL |
|
1278.136 |
1232.649 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
46.795 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
157.203 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
203.998 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
74.542 |
|
|
2] Unsecured Loans |
|
|
52.774 |
|
|
TOTAL BORROWING |
|
|
127.316 |
|
|
DEFERRED TAX LIABILITIES |
|
|
22.108 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
353.422 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
143.405 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.501 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
311.883 |
|
|
Sundry Debtors |
|
|
206.511 |
|
|
Cash & Bank Balances |
|
|
22.575 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
44.422 |
|
Total
Current Assets |
|
|
585.391 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
76.570 |
|
|
Other Current Liabilities |
|
|
292.305 |
|
|
Provisions |
|
|
7.000 |
|
Total
Current Liabilities |
|
|
375.875 |
|
|
Net Current Assets |
|
|
209.516 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
353.422 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
5107.915 |
3425.000 |
2561.518 |
|
|
|
Other income |
0.621 |
4.273 |
0.451 |
|
|
|
TOTAL (A) |
5108.536 |
3429.273 |
2561.969 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3656.409 |
|
|
|
|
|
Purchases of stock-in-trade |
621.352 |
1559.889 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
8.304 |
(91.932) |
|
|
|
|
Employee benefit expense |
19.922 |
21.171 |
|
|
|
|
Other expenses |
663.944 |
380.359 |
|
|
|
|
Prior period items |
(0.084) |
(0.143) |
|
|
|
|
TOTAL (B) |
4969.847 |
3312.070 |
2483.073 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
138.689 |
117.203 |
78.896 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
82.995 |
70.086 |
43.537 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
55.694 |
47.117 |
35.359 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.489 |
12.743 |
11.894 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
39.205 |
34.374 |
23.465 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.009 |
14.232 |
10.460 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
26.196 |
20.142 |
13.005 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Goods Exported |
1943.802 |
918.964 |
495.590 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material and Plant and Machinery |
0.000 |
1.438 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.31 |
4.30 |
2.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.51
|
0.59 |
0.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.77
|
1.00 |
0.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.29
|
2.79 |
3.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.15 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.46
|
3.34 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.13 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
No |
|
18] |
Major customers |
No |
|
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 |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
SHORT-TERM BORROWINGS |
|
|
|
Intercorporate deposits |
19.910 |
221.597 |
|
Loans and advances from related parties |
121.136 |
86.468 |
|
Total |
141.046 |
308.065 |
Note:
The registered office
of the company has been shifted from 31, Jaora Compound, M.Y.H Road, Indore –
452001, Madhya Pradesh, India to the present w.e.f.19.12.2011
INDUSTRY SCENARIO
Major Soyabean Producing countries showed a negative trend except India which
is the only country which showed an increase in Soyabean production during the
year 2011-12. The Soya Meal exports registered an impressive growth of 8.9%
over the previous year whereas the oil markets remained almost dormant due to
increase in import of vegetable oils by almost 35% as compared with the
previous year.
OPERATIONAL REVIEW
During the year the company reported net sales/income from operations of
INR 5110.211 Millions against INR 3423.317 Millions in 2011. Net profit before tax
was INR 39.204 Millions against INR 34.373 Millions in 2011. Net profit
increased by 30.05% from INR 20.142 Millions to INR 26.196 Millions.
The company processed a record quantity of 146394 M.T. of Soya Seed
against 59798 M.T. in 2011, the previous year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U15332MP1980PLC001673 |
|
Name of the
company |
PRESTIGE FEED
MILLS LIMITED |
|
Address of the
registered office or of the principal place of business in |
30, Jaora
Compound, M.Y.H Road, Indore – 452001, Madhya Pradesh, India Email: info@prestigeindia.com |
|
This form is for |
Modification of charge |
|
Charge identification
number of the modified |
90207272 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
State Bank of
India, Commercial Branch, Near G.P.O, A.B. Road, Indore – 452001, Madhya
Pradesh, India Email: pramodbhawsar53@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Memorandum of
Agreement 2. Memorandum of
Entry 3. Affidavit 4. Board
Resolution |
|
Date of
instrument Creating the charge |
06.06.2013 |
|
Amount secured by
the charge |
Rs. 583.200
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreement
of respective Bank. Terms of Repayment As per agreement
of respective Bank. Margin As per agreement
of respective Bank. Extent and Operation of the charge First Charge by
way of hypothecation on the Current Assets namely stocks of raw materials,
semi finished and finished goods, stores and spares not relating to the plant
and machinery (consumable stores and spares), bills receivables, book debts
and all other movables of the Borrower both present and future wherever
situated pertaining to the Company as mentioned in the Joint Deed of Hypothecation
executed with the respective Bank. Others Equitable
Mortgage over Land and Building of company at 49-C sector III, Industrial
Area, Dewas. Second pari-passu
charge by way of Hypothecation over plant and Machinery of company at 49-C sector III, Industrial
Area, Dewas. |
|
Short particulars
of the property charged |
First Charge by
way of hypothecation on the Current Assets namely stocks of raw materials,
semi finished and finished goods, stores and spares not relating to the plant
and machinery and bills receivables, book debts and all other movables of the
Borrower both present and future wherever situated pertaining to the Company
as mentioned in the Joint Deed of Hypothecation. Second charge
present and future fixed assets of the company. |
|
Date of
Modification |
03.12.2011 |
|
Particulars of
the present modification |
Creation of
Second charge ranking pari passu over the entire current and future assets already
mortgaged of the company by creation of equitable mortgage in favour of SBI
Lead Consortium (State Bank of Indore, Punjab National Bank and Central Bank
of India for securing sanctioned term loan granted by the Banks aggregating
to Rs. 583.200 Millions. |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
Guarantee issued by State Bank of India against credit
facilities extended to third parties |
0.200 |
0.200 |
|
Central Sales Tax for the year 01/04/2004 to 31/03/05 disputed under appeal/Revision |
-- |
0.048 |
|
Entry Tax Demand after assessment for the Period
01/04/2007 to 31/03/2008 has not been provided due to dispute and pending Under
IInd Appeal filed with Appellate Board Madhya Pradesh Tax Tribunal, Bhopal
(deposit under Protest of Rs 2.783 Millions) |
8.714 |
8.714 |
|
Value Added Tax Demand after assessment for the Period
01/04/2008 to 31/03/2009 has not been provided due to dispute and pending
Under Appeal filed with Appellate Authority Addl. Commissioner of Commercial
Tax Division-1, Indore (deposit under Protest of Rs 0.148 Million) |
2.960 |
-- |
|
Entry Tax Demand after assessment for the Period 01/04/2008
to 31/03/2009 has not been provided due to dispute and pending Under Appeal
filed with Appellate Authority Addl. Commissioner of Commercial Tax
Division-1, Indore (deposit under Protest of Rs 0.115 Million) |
2.292 |
-- |
|
Central sales Tax Demand after assessment for the Period 01/04/2008 to 31/03/2009 has not been provided due to dispute and pending Under Appeal filed with Appellate Authority Addl. Commissioner of Commercial Tax Division-1, Indore (deposit under Protest of Rs 0.310 Million) |
6.208 |
-- |
|
Income Tax demand for the Assessment year 1995-96 disputed pending under Supreme Court, New Delhi |
0.559 |
0.559 |
|
Income Tax demand for the Assessment year 2005-06 order U/s. 143(3) disputed pending Commissioner Appeal, Indore |
-- |
0.600 |
|
Income Tax Demand for the Assessment year 2005-06 order U/s. 271(1) (c) disputed Pending Commissioner Appeal, Indore (Deposit under protest of Rs.0.085 Million) |
0.165 |
0.165 |
|
Income Tax demand for the Assessment year 2007-08 disputed pending Commissioner Appeal, Indore (Deposit under protest of Rs.0.075 Million) |
0.299 |
0.299 |
|
Income Tax demand for the Assessment year 2008-09 disputed pending Commissioner Appeal, Indore (Amount deposit under protest of Rs.0.694 Million) |
1.480 |
1.480 |
|
Income Tax demand for the Assessment year 2009-10 disputed pending Commissioner Appeal, Indore (Amount deposit under protest of Rs.0.700 Million) |
1.571 |
-- |
FIXED ASSETS:
v Land
v Residential building
v Factory building
v Plant and equipment
v Factory equipments
v Other plant and equipment
v Furniture and fixtures
v Vehicles
v Motor vehicles
v Office equipment
v Computer equipments
v Other equipments
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 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. 58.91 |
|
|
1 |
Rs. 90.68 |
|
Euro |
1 |
Rs. 78.22 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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 |
- |
7
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.