MIRA
INFORM REPORT
|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRATHISTA PROPACK PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
72/1, Prathista Chambers, 1st
Floor, 5th |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
21.11.2011 |
|
|
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Com. Reg. No.: |
08 - 061265 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.108 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900KA2011PTC061265 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacture of packaging materials. |
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|
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|
No. of Employees
: |
12 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an developing company having moderate track. The company passesses a weak financial
profile Marked by incurring a loss in its first year of business operations
which has further led to accumulation of loss resulting in erosion of its networth during 2013 Further, the rating also take into consideration the increasing
borrowings which may act as a threat to the liquidity. However, Business is active. Payment terms are reported as slow. In view of business being under development, the subject can be
considered for business dealings an a safe and secured trade terms and
conditions. |
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|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor
international report.
There is a $29.34 bn outward foreign direct investment by domestic companies
between April and January of 2013/14 which has seen some signs of recovery
according to a Care Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to
raise $ 500 million via a US initial public offering. Alibaba,
which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has raised
Rs.2,453.2 crore (350 million Swiss Francs) by
selling six-year bonds at a coupon rate of three per cent and maturing in 2020.
This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss
Francs by selling five year bonds at 2.98 % coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost
complete Paradip refinery in Odhisha
in three to four years. The company board is set to consider the setting up of
a 700000 tonne per annum polypropylene plant at an
estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye
Labs-Facebook type deals in the making.
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. Sudaeshan Jain |
|
Designation : |
Director |
|
Contact No.: |
91- 9739315254 |
|
Date : |
25.04.2014 |
LOCATIONS
|
Registered Office : |
72/1, Prathista Chambers, 1st Floor, 5th Main Road, Chamrajpet, Bangalore – 560018, Karnataka |
|
Tel. No.: |
91-080-26708301 |
|
Mobile No.: |
91-9739315254 (Mr. Sudarshan) |
|
Fax No.: |
Not available |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory : |
# survey No. 9/2, 8, Madarasanapalli
Village, Enusonal post, Hosur
(TK), Tamilnadu, India |
|
|
|
|
Branches : |
71/1, 1st Floor Prathista Chmbers, 5th Main Road Chameajnet,
Bangalore – 560018, Karnataka, India |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Sudarshan Gautamchand
Jain |
|
Designation : |
Director |
|
Address : |
No. 71/1, prathista chambers, 1st
floor, 5th main road, chamrajpet,
Bangalore - 560046 |
|
Date of Birth/Age : |
31.05.1986 |
|
Date of Appointment : |
21.11.2011 |
|
DIN No.: |
03597963 |
|
|
|
|
Name : |
Mis. Prathiba B |
|
Designation : |
Director |
|
Address : |
No. 71, 1st Floor , Prathist, Chmers, Fifth Main Chamrajpet,
Bangalore – 560018, Karnataka, India |
|
Date of Birth/Age : |
28.08.1965 |
|
Date of Appointment : |
21.11.2011 |
|
DIN No.: |
05116496 |
MAJOR SHAREHOLDERS
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
G Goutham Chand Bhanwari Devi |
|
100 |
|
G Goutham Chand Huf |
|
100 |
|
Guntitha G Ranka |
|
100 |
|
B Goutham Chand
Jain (Vimal Pharma) |
|
100 |
|
Prathibha |
|
4000 |
|
R Sangeetha |
|
100 |
|
S Rajesh Kumar |
|
100 |
|
Sudarshan G Jain |
|
6000 |
|
Swapna Jain N |
|
100 |
|
|
|
|
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of Packaging Materials |
|
|
|
|
Products : |
·
Laminated Tubes ·
Cosmetic plastic Tubes ·
Foil Laminated tubes ·
Lotion laminated tubes ·
Cosmetic laminted |
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Terms : |
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Selling : |
Cash / Credit (30 / 60 /9 0 Days) |
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Purchasing : |
Cash / Credit (30 / 60 /9 0 Days) |
GENERAL INFORMATION
|
No. of Employees : |
12 (Approximately) |
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Customer: |
End Users |
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Bankers : |
· Standard Chartered Bank, Vaishnavi Serenity, 112, 5th Block, Koramangala, Bangalore - 560095, Karnataka, India · ICICI Bank, chamuajnet , Bangalore - 560095, Karnataka, India |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
MGIRT And Company Chartered Accountant |
|
Address : |
# 71, 1st Floor, Prathista Chambers, Fifth
Main Road, Bangalore - 560018, Karnataka, India |
|
PAN No.: |
AACFT9349R |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10800 |
Equity Shares |
Rs.10/- each |
Rs. 0.108 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.108 |
0.100 |
|
(b) Reserves & Surplus |
|
(8.428) |
0.000 |
|
(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) |
|
(8.320) |
0.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
46.366 |
33.101 |
|
(b) Deferred tax liabilities (Net) |
|
2.150 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
48.516 |
33.101 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
0.828 |
0.000 |
|
(c) Other current
liabilities |
|
1.453 |
2.645 |
|
(d) Short-term provisions |
|
0.017 |
0.000 |
|
Total Current Liabilities (4) |
|
2.298 |
2.645 |
|
|
|
|
|
|
TOTAL |
|
42.494 |
35.846 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
28.604 |
0.774 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
5.489 |
29.117 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.141 |
0.548 |
|
Total Non-Current Assets |
|
34.234 |
30.439 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.176 |
0.000 |
|
(c) Trade receivables |
|
1.556 |
0.000 |
|
(d) Cash and cash
equivalents |
|
2.089 |
1.165 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
4.439 |
4.242 |
|
Total Current Assets |
|
8.260 |
5.407 |
|
|
|
|
|
|
TOTAL |
|
42.494 |
35.846 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2.862 |
0.000 |
|
|
|
Other Income |
|
0.104 |
0.000 |
|
|
|
TOTAL |
|
2.966 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
0.641 |
0.000 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(2.325) |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
3.952 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
(6.277) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
2.150 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
(8.427) |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(780.28) |
0.000 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
(294.44) |
0.000 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(219.32) |
0.000 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(16.96) |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.75 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
(5.57) |
331.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.59 |
2.04 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
0.100 |
0.108 |
|
Reserves & Surplus |
0.000 |
(8.428) |
|
Net
worth |
0.100 |
(8.320) |
|
|
|
|
|
long-term borrowings |
33.101 |
46.366 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
33.101 |
46.366 |
|
Debt/Equity
ratio |
331.010 |
(5.573) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last Two 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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10457233 |
05/10/2013 |
31,500,000.00 |
ICICI BANK LIMITED |
100/1, MARUTHI KRUPA COMPLEX,, BULL TEMPLE ROAD, |
B88383732 |
|
2 |
10377029 |
30/10/2012 * |
48,000,000.00 |
STANDARD CHARTERED BANK |
VAISHNAVI SERENITY, 112,, 5TH BLOCK, KORAMANGALA, |
B62127212 |
|
3 |
10374761 |
22/01/2013 * |
21,000,000.00 |
STANDARD CHARTERED BANK |
VAISHNAVI SERENITY, 112, 5TH BLOCK, KORAMANGALA, |
B67734491 |
|
4 |
10341231 |
27/01/2012 |
22,700,000.00 |
STANDARD CHARTERED BANK |
112, SERENITY, KORAMANGALA INDL AREA, 5TH BLOCK, |
B34578211 |
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long term
Borrowing |
|
|
|
SCB Machinery Loan (Secured Against Plant and Machinery) |
24.116 |
21.801 |
|
|
|
|
|
Total |
24.116 |
21.801 |
|
|
|
|
FIXED ASSETS
·
Laminated Tube Machinery
·
Land
·
Conveyor Belt
·
Chiller
·
Compressor
·
Generator
·
Table Lifter
·
Ahu Unit for Clean Room
·
Clean Room
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.59.88 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
YOG |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.