MIRA INFORM REPORT

 

 

Report No. :

328318

Report Date :

22.06.2015

 

IDENTIFICATION DETAILS

 

Name :

PRAGATI COATINGS PRIVATE LIMITED

 

 

Registered Office :

M-4, IInd Floor, Kirti Nagar, New Delhi - 110015

Tel. No.:

91-11-28051705

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

18.08.2004

 

 

Com. Reg. No.:

55-128432

 

 

Capital Investment / Paid-up Capital :

Rs. 16.750 Million

 

 

CIN No.:

[Company Identification No.]

U25202DL2004PTC128432

 

 

IEC No.:

0507014499

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELP11815G

 

 

PAN No.:

[Permanent Account No.]

AADCP7128Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Job Work of Electroplating Auto Parts.

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 206000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

A general financial position of the company seems to be fair.

 

Rating also takes into consideration, company’s long track record and established relationship with the customers.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

Subject can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – 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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 :

Rajiv Dania

Designation :

Director

Contact No.:

91-9810038919

Date :

22.06.2015

 

 

LOCATIONS

 

Registered Office :

M-4, IInd Floor, Kirti Nagar, New Delhi – 110015, India

Tel. No.:

91-11-28051705

Mobile No.:

91-9810038919 (Mr. Rajiv Dania)

Fax No.:

Not Available

E-Mail :

pragaticoatings@gmail.com

info@pragaticoatings.com

Website :

www.pragaticoatings.com

 

 

Factory:

1/5, Mile Stone, Khandsa Road, Sector-37, Gurgaon – 122015, Haryana, India

Tel. No.:

91-124-4031109/ 10 / 4265820/ 21

Fax No.:

91-124-4265822/  4031109/ 4031110

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Anita Dania

Designation :

Director

Address :

F-4, Rajouri Garden, New Delhi - 110027, India

Date of Birth/Age :

07.08.1961

Date of Appointment :

18.08.2004

DIN No.:

01150698

 

 

Name :

Mr. Rajiv Dania

Designation :

Director

Address :

M-4, Second Floor, Kirti Nagar, New Delhi - 110015, India

Date of Birth/Age :

13.12.1959

Date of Appointment :

18.08.2004

DIN No.:

01150705

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U25202DL2004PTC128432

PRAGATI COATINGS PRIVATE LIMITED

Director

18-08-2004

18-08-2004

Active

NO

2

U29253HR2012PTC046581

SANKEI PRAGATI INDIA PRIVATE LIMITED

Director

25-07-2012

25-07-2012

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

Percentage of Holding

Rajiv Dania

435000

25.97

Anita Dania

1235000

73.73

Dhruv Dania

5000

0.30

Total

 

1675000

100.00

 

 

 

 

AS ON 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Job Work of Electroplating Auto Parts.

 

 

Products :

Electroplating Auto Parts

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

Cash and Credit (30 Days/ 60 Days/ 90 Days)

 

 

Purchasing :

Cash and Credit (30 Days/ 60 Days/ 90 Days)

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

OEM’s and End Users

 

·         Bajaj

·         Eicher

·         Philips

·         Honda

·         Swaraj Mazda

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

Bank Name:

United Bank of India

Branch:

M-16, Old D.L.F. Colony, Gurgaon Mehrauli Road, Gurgaon - 122001, Haryana, India

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Small Industries Development Bank of India, N.H.5-R/2, Neelem Badshah Khan Road, Faridabad - 121001, Haryana, India

 

·         State Bank of Travancore, Karol Bagh Branch, New Delhi -110005, India

 

·         HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Term Loans – From Banks

58.424

64.245

Less: Current Maturities

8.020

11.379

 

 

 

SHORT TERM BORROWINGS

 

 

Cash Credit Limit from United Bank of India

45.581

46.160

Total

95.985

99.026

 

NOTE

 

LONG TERM BORROWINGS

 

I. Tem Loan from SIDBI

 

Primarily secured against Plant and Machinery and other Equipment’s to be acquired under the project. There is no collateral security as the loan is covered under the CGTMSE Scheme.

 

II. Term Loan from United Bank of India

 

Exposer from United Bank of India is secured under:

 

a. Primary Security:

 

Secured by way of exclusive charge on all present and future current assets viz. Inventory, Book Debts and Plant and Machinery’s

 

b. Collateral Security:

 

Secured by way of factory Land and Building Measuring 1500 Sq. Ft. Yards as well as personal guarantee of Directors.

 

 

SHORT TERM BORROWINGS

 

Cash Credit Limit from United Bank of India bearing Rate of Interest is 13.70 % p.a. secured against all Raw Material WIP, Finished Stock and Receivables and equitable mortgage of Factory Land and Building situated at 1/5 Mile Stone, Khandsa Road, Sector-37, Gurgaon

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Sunil Suresh and Associates

Chartered Accountants

Address :

B-20/21, Fruit Garden, NH-5, NIT Faridabad – 121001, Haryana, India

Tel. No.:

91-129-4025905/ 4055905/ 4105000

Mobile No.:

91-9811015509/ 9312020811

E-Mail :

cargs45@gmail.com

Income-tax PAN of auditor or auditor's firm :

ACMFS9446A

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6,250,000

Equity Shares

Rs.10/- each

Rs. 62.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,675,000

Equity Shares

Rs.10/- each

Rs. 16.750 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

16.750

10.500

10.500

(b) Reserves & Surplus

55.378

29.075

22.845

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

3.300

3.000

Total Shareholders’ Funds (1) + (2)

72.128

42.875

36.345

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

121.413

87.469

55.598

(b) Deferred tax liabilities (Net)

0.168

1.056

0.849

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

121.581

88.525

56.447

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

45.581

46.160

29.626

(b) Trade payables

42.888

32.830

27.342

(c) Other current liabilities

16.246

22.048

2.423

(d) Short-term provisions

2.980

2.708

1.722

Total Current Liabilities (4)

107.695

103.746

61.113

 

 

 

 

TOTAL

301.404

235.146

153.905

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

77.101

77.642

71.969

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

2.550

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

121.500

47.500

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

201.151

125.142

71.969

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

45.037

35.038

26.713

(c) Trade receivables

39.572

51.725

40.006

(d) Cash and cash equivalents

6.139

8.766

1.438

(e) Short-term loans and advances

6.766

5.284

4.510

(f) Other current assets

2.739

9.191

9.269

Total Current Assets

100.253

110.004

81.936

 

 

 

 

TOTAL

301.404

235.146

153.905

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

GROSS REVENUE

218.046

224.335

187.830

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX 

9.607

9.146

7.696

 

 

 

 

 

Less

TAX                                                                 

2.054

2.916

2.378

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

7.553

6.230

5.318

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.51

5.93

5.06

 

PARTICULARS

 

 

 

31.03.2015

 

 

 

 

Sales Turnover (Approximately)

 

 

220.000

 

The above information has been parted by Mr. Rajiv Dania (Director).

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

12.065

18.534

0.000

 

 

 

 

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}

(%)

5.42

4.87

5.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.21

0.21

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.48

3.55

2.34

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.93

1.06

1.34

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

10.500

10.500

16.750

Reserves & Surplus

22.845

29.075

55.378

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

3.300

3.000

Net worth

33.345

42.875

75.128

 

 

 

 

Long-term borrowings

55.598

87.469

121.413

Short term borrowings

29.626

46.160

45.581

CURRENT MATURITIES OF LONG-TERM DEBTS

0.000

18.534

12.065

Total borrowings

85.224

152.163

179.059

Debt/Equity ratio

2.556

3.549

2.383

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross Revenue

187.830

224.335

218.046

 

 

19.435

(2.803)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross Revenue

187.830

224.335

218.046

Profit

5.318

6.230

7.553

 

2.83%

2.78%

3.46%

 

 

 

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

No

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last four 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

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10240586

13/09/2010

5,000,000.00

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA

N.H.5-R/2, NEELEM BADSHAH KHAN ROAD, FARIDABAD - 121001, HARYANA, INDIA

A94935152

2

10154140

29/06/2012 *

74,597,000.00

UNITED BANK OF INDIA

M-16, OLD D.L.F. COLONY, GURGAON MEHRAULI ROAD, GURGAON - 122001, HARYANA, INDIA

B56263148

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Term Loans – From Others (NBFC)

72.151

41.366

Less: Current Maturities

4.045

7.156

Loan and Advance from Related Parties

2.903

0.393

Total

71.009

34.603

 

 

NATURE OF OPERATION

 

The company is a private company domiciled in India and incorporated on 2004 under the provision of Companies Act, 1956. The company is engaged in the business of Manufacturing and Job Work of Electroplating Auto Parts.

 

 

FIXED ASSETS

 

·         Air-condition

·         Building

·         Car

·         CCTV System

·         Fire Fighting System

·         Furniture and Fixture

·         Lab Equipment

·         Mould

·         Tools and Dies

·         Land

·         Mobile Phone

·         Office Equipment

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 63.82

UK Pound

1

Rs. 101.26

Euro

1

Rs. 72.36

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

MRI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

46

 

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

 

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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.