MIRA INFORM REPORT
|
Report No. : |
325926 |
|
Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
PARK CONTROLS AND COMMUNICATIONS PRIVATE LIMITED (w.e.f. 23.02.2011) |
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|
|
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Formerly Known
As : |
PARK CONTROLS AND COMMUNICATIONS LIMITED |
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Registered
Office : |
No. 22, 80 Feet Road, HAL 3rd Stage, Bangalore – 560075,
Karnataka |
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Tel No.: |
91-80-25292513 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.12.1989 |
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Com. Reg. No.: |
08-010621 |
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Capital
Investment / Paid-up Capital : |
Rs.41.761 Million |
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CIN No.: [Company Identification
No.] |
U85110KA1989PTC010621 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Services provider of engineering design, automatic test equipments,
and maintenance services. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 265500 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a private limited company established in the year 1989
having moderate track. As per directors report company has recorded significant decreases in
its sales turnover and profit figures in FY14 as compare to FY13 because of
multiple economic global setbacks that dampened trade across India. However, rating also takes into consideration long standing experience
of Promoters in defense and avionics industry and company’s strong technical
competence. Trade relations are fair. Business is active. Payments reported to be
slow but correct. The company 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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term B+ |
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Rating Explanation |
Risk prone credit quality and carries very high credit risk. |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
January 2014 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Harish |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-80-25292513 |
|
Date : |
04.06.2015 |
LOCATIONS
|
Registered Office : |
No. 22, 80 Feet Road, HAL 3rd Stage, Bangalore – 560075,
Karnataka, India |
|
Tel. No. : |
91-80-25292513 / 25297199 / 25293482 |
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Fax No. : |
91-80-25281716 / 40910252 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2014
|
Name : |
Noble Puthenpurekkaljohn Benjamin |
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Designation : |
Whole-time Director |
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Address : |
Anugraha, 820, 1st Cross, 12th Main, Hal Ii Stage, Bangalore - 560008, Karnataka, India |
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Date of Birth/Age : |
08.10.1960 |
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Date of Appointment : |
24.07.1990 |
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DIN No. : |
00137661 |
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Other Directorship :
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Name : |
Malladi Prabhakara Sastri |
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Designation : |
Whole-time Director |
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Address : |
400, Sadananda Nagar, Ngef Layout, Bangalore - 560038, Karnataka, India |
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Date of Birth/Age : |
31.05.1953 |
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Date of Appointment : |
01.07.1991 |
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DIN No. : |
00137773 |
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Other Directorship :
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Name : |
Ms. Deepa Rajasekeran |
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Designation : |
Director |
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Address : |
No 608, 1st Floor, 4th B Main, Ombr Layout, Bhuvanagiri, Bangalore - 560043, Karnataka, India |
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Date of Appointment : |
24.03.2015 |
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DIN No. : |
03160364 |
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Other Directorship :
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Name : |
Beulah Sundaramony |
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Designation : |
Director |
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Address : |
Vishvas, 1/1, Assaye Road, Bangalore - 560042, Karnataka, India |
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Date of Appointment : |
24.03.2015 |
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DIN No. : |
07166007 |
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KEY EXECUTIVES
|
Name : |
Mr. Harish |
|
Designation : |
Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
6.56 |
|
Bodies corporate |
10.02 |
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Directors or relatives of Directors |
74.84 |
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Other top fifty shareholders |
8.58 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Services provider of engineering design, automatic test equipments,
and maintenance services. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Credit (30, 60 and 90 Days) |
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Purchasing : |
Cash and Credit (30, 60 and 90 Days) |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
State Bank of India, IFB, MG Road, Bangalore – 560001, Karnataka,
India |
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Facilities : |
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Auditors : |
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Name : |
Singhvi Dev and Unni Chartered Accountants |
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Address : |
6th Floor, Trade Centre, #29/4, Race Course Road, Bangalore – 560001, Karnataka, India |
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Tel. No. : |
91-80-22261371 |
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Fax No. : |
91-80-22205469 |
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E-Mail : |
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Website : |
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PAN
No. : |
AAEFS6338K |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates / Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4176128 |
Equity Shares |
Rs.10/- each |
Rs.41.761 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
41.761 |
41.761 |
15.660 |
|
(b) Reserves & Surplus |
51.185 |
50.868 |
75.170 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
92.946 |
92.629 |
90.830 |
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|
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(3) Non-Current
Liabilities |
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|
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|
(a) long-term borrowings |
20.401 |
22.581 |
13.698 |
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(b) Deferred tax liabilities (Net) |
2.127 |
1.894 |
0.130 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
4.311 |
4.113 |
3.672 |
|
Total Non-current
Liabilities (3) |
26.839 |
28.588 |
17.500 |
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(4) Current Liabilities |
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|
|
|
(a) Short
term borrowings |
61.619 |
60.936 |
40.636 |
|
(b) Trade
payables |
37.672 |
48.118 |
31.962 |
|
(c) Other
current liabilities |
60.574 |
58.282 |
24.585 |
|
(d) Short-term
provisions |
3.064 |
7.526 |
4.064 |
|
Total Current
Liabilities (4) |
162.929 |
174.862 |
101.247 |
|
|
|
|
|
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TOTAL |
282.714 |
296.079 |
209.577 |
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6.023 |
7.572 |
9.372 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
1.526 |
|
(iii) Capital
work-in-progress |
0.030 |
0.030 |
0.000 |
|
(iv)
Intangible assets under development |
26.540 |
23.336 |
20.784 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.363 |
2.089 |
6.613 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
34.956 |
33.027 |
38.295 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
92.054 |
26.279 |
44.072 |
|
(c) Trade
receivables |
112.400 |
198.572 |
103.266 |
|
(d) Cash
and cash equivalents |
28.862 |
26.805 |
14.752 |
|
(e)
Short-term loans and advances |
11.060 |
9.804 |
8.283 |
|
(f) Other current
assets |
3.382 |
1.592 |
0.909 |
|
Total
Current Assets |
247.758 |
263.052 |
171.282 |
|
|
|
|
|
|
TOTAL |
282.714 |
296.079 |
209.577 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
85.976 |
176.360 |
153.235 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
85.427 |
164.867 |
142.285 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
0.549 |
11.493 |
10.950 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.232 |
9.694 |
0.216 |
|
|
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|
|
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|
|
PROFIT/
(LOSS) AFTER TAX |
0.317 |
1.799 |
10.734 |
|
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|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.08 |
0.43 |
7.08 |
|
|
Particulars |
|
|
31.03.2015 |
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|
|
|
|
|
Sales Turnover (Approximately) |
|
|
120.000 |
|
|
|
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|
The above information has been parted by Mr. Harish
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long term debt |
2.047 |
1.785 |
1.006 |
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.21 |
4.21 |
5.80 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.12 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability /Networth) |
|
0.90 |
0.92 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.50 |
1.69 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
15.660 |
41.761 |
41.761 |
|
Reserves & Surplus |
75.170 |
50.868 |
51.185 |
|
Current Maturity of Long
term Debt |
1.006 |
1.785 |
2.047 |
|
Net worth |
91.836 |
94.414 |
94.993 |
|
|
|
|
|
|
long-term borrowings |
13.698 |
22.581 |
20.401 |
|
Short term borrowings |
40.636 |
60.936 |
61.619 |
|
Total borrowings |
54.334 |
83.517 |
82.020 |
|
Debt/Equity ratio |
0.592 |
0.885 |
0.863 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
153.235 |
176.360 |
85.976 |
|
|
|
15.091 |
(51.250) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
153.235 |
176.360 |
85.976 |
|
Profit |
10.734 |
1.799 |
0.317 |
|
|
7.00% |
1.02% |
0.37% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
Yes |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
No |
|
33 |
Market information |
No |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Cholamandalam Investment and Finance Company Limited |
11.204 |
12.540 |
|
From HDFC |
9.197 |
10.041 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From Directors |
10.119 |
8.446 |
|
From Shareholders |
4.500 |
6.800 |
|
|
|
|
|
Total |
35.020 |
37.827 |
INDEX OF CHARGED
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10534057 |
26/02/2015
* |
210,500,000.00 |
INDIAN OVERSEAS
BANK |
APPAREDDYPALAYA -
ISRO VIEW BRANCH, #3274, 11TH MAIN, HAL II STAGE., BANGALORE, Karnataka
- 560008, INDIA |
C49214273 |
* Date of charge modification
FIXED ASSETS
v Computer and Peripherals
v Electrical Installation
v Office Equipment
v Test Equipment
v Furniture and Fixture
v Vehicles
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.63.89 |
|
|
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
-- PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.