MIRA INFORM REPORT

 

 

Report No. :

346533

Report Date :

27.10.2015

 

IDENTIFICATION DETAILS

 

Name :

PRATISHTHA COMMERCIAL PRIVATE LIMITED

 

 

Registered Office :

107, Old China Bazar Street, 4th Floor, Room No. 401, Kolkata – 700001, West Bengal

Tel. No.:

91-33-22627158

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.02.1997

 

 

Com. Reg. No.:

21-083113

 

 

Capital Investment / Paid-up Capital :

Rs.76.615 Million

 

 

CIN No.:

[Company Identification No.]

U17297WB1997PTC083113

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of Pulses.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 733000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1997. It has satisfactory track.

 

Rating takes into consideration strong financial risk profile of the company marked by adequate networth base and comfortable gearing in FY 2014.

 

Further the company has reported decent sales turnover of Rs.4924.9 Million in the year under consideration. However, has reported thin profit margin.

 

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

 

In view of long track record of business operations along with decent financial condition, the company can be considered for business dealings with usual trade terms and conditions.

 

Note: Partial information has been taken from indirect source i.e. ICRA Ratings.

 

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

 

Rating Agency Name

ICRA

Rating

Fund based limit - Cash Credit = BB

Rating Explanation

Inadequate credit quality and high credit risk.

Date

June, 2015

 

 

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 31-03-2015.

 

LOCATIONS

 

Registered Office :

107, Old China Bazar Street, 4th Floor, Room No. 401, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-22627158

Fax No.:

91-33-22627139

E-Mail :

pcpl33@yahoo.com

Website :

www.poddargroup.in

 

 

Corporate office :

23/1, Maharshi Devendra Road, 3rd Floor, Room No. C-9, Kolkata – 700007, West Bengal, India

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Suresh Kumar Poddar

Designation :

Director

Address :

493/C/A ,G.T Road (South), Phase - II ,Block -I, Howrah - 711102, West Bengal, India

Date of Birth/Age :

09.04.1951

Date of Appointment :

01.03.2013

DIN No.:

00556996

PAN No.:

AJSPP0038L

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

Date of cessation

Company/ LLP Status

Defaulting status

1

U17297WB1997PTC083113

PRATISHTHA COMMERCIAL PRIVATE LIMITED

Director

01/03/2013

04/08/2003

-

Active

NO

2

U27102WB2004PLC098163

MAA SHAKAMBARI STEEL LIMITED

Director

23/03/2015

30/03/2004

-

Active

NO

3

U27109WB2005PTC102969

MAA SHAKAMBARI IRON & STEEL PRIVATE LIMITED

Director

04/03/2009

04/03/2009

-

Active

NO

4

U74900WB2009PTC134832

SHREE HANS INGOT PRIVATE LIMITED

Director

30/04/2009

30/04/2009

-

Active

NO

5

U74140WB2010PTC146764

PRATISHTHA FINANCIAL CONSULTANTS PRIVATE LIMITED

Director

05/05/2010

05/05/2010

-

Active

NO

6

U51909WB2013PTC190094

KAILASHDHAM VINTRADE PRIVATE LIMITED

Director

12/03/2013

12/03/2013

-

Active

NO

 

 

Name :

Mr. Manoj Kumar Poddar

Designation :

Director

Address :

493/C/A, G.T Road (South), Phase - II, Block -I, Howrah - 711102, West Bengal, India

Date of Birth/Age :

25.10.1973

Date of Appointment :

01.03.2013

DIN No.:

00557219

PAN No.:

AFWPP2957C

 

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

Date of cessation

Company/ LLP Status

Defaulting status

1

U27102WB2004PLC098163

MAA SHAKAMBARI STEEL LIMITED

Director

23/03/2015

30/03/2004

-

Active

NO

2

U17297WB1997PTC083113

PRATISHTHA COMMERCIAL PRIVATE LIMITED

Director

01/03/2013

30/07/2004

-

Active

NO

3

U27109WB2005PTC102969

MAA SHAKAMBARI IRON & STEEL PRIVATE LIMITED

Director

05/05/2005

05/05/2005

-

Active

NO

4

U74900WB2009PTC134832

SHREE HANS INGOT PRIVATE LIMITED

Director

30/04/2009

30/04/2009

-

Active

NO

5

U74210WB2009PTC136548

MAA BHAWANI INFRAPROPERTIES PRIVATE LIMITED

Director

07/07/2009

07/07/2009

-

Active

NO

6

U74140WB2010PTC146764

PRATISHTHA FINANCIAL CONSULTANTS PRIVATE LIMITED

Director

05/05/2010

05/05/2010

-

Active

NO

7

U74140WB2010PTC147485

PODDAR INVESTMENT CONSULTANTS PRIVATE LIMITED

Director

12/05/2010

12/05/2010

-

Active

NO

8

U51909WB2013PTC190094

KAILASHDHAM VINTRADE PRIVATE LIMITED

Director

09/03/2013

09/03/2013

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

SHAREHOLDERS DETAIL FILE ATTACH

 

As on 17.12.2014

 

Names of Allottee

 

No. of Shares Allotted

Pragya Traders Private Limited, India

 

78125

Total

 

78125

 

 

 

 

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

98.03

Directors or relatives of Directors

1.97

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trading of Pulses.

 

 

Products :
  • Grain
  • Dry Beans
  • Soya Beans
  • Inedible Beans

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :

Banker Name

Bank of Baroda

Branch Address

C. R. Avenue, Kolkata, West Bengal, India

Person Name (With Designation)

Not Available

Contact Number

Not Available

Name of Account Holder

Not Available

Account Number

CC-05900500000023

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

  • HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Working capital loans from banks

268.175

275.219

Total

268.175

275.219

 

Auditors :

 

Name :

M. Goenka and Associates

Chartered Accountants

Address :

4, Fairlie Place, Room No. 402 (4th Floor), Kolkata – 700001, West Bengal, India

PAN No.:

ADLPG6964B

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

After 30.09.2014

 

Authorised Capital: Rs.100.000 Million

 

Issued, Subscribed & Paid-up Capital: Rs.8.818 Million

 

 

As on 30.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

8500000

Equity Shares

Rs.10/- each

Rs.85.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

8239575

Equity Shares

Rs.10/- each

Rs.82.396 Million

 

 

As on 31.03.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

8000000

Equity Shares

Rs.10/- each

Rs.80.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

7661450

Equity Shares

Rs.10/- each

Rs.76.615 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

76.615

48.802

45.636

(b) Reserves & Surplus

174.778

107.428

96.145

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

5.322

53.795

14.595

Total Shareholders’ Funds (1) + (2)

256.715

210.025

156.376

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

25.072

7.066

0.615

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(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)

25.072

7.066

0.615

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

268.175

275.219

246.309

(b) Trade payables

105.536

131.519

61.188

(c) Other current liabilities

0.000

0.000

0.000

(d) Short-term provisions

3.049

2.328

1.763

Total Current Liabilities (4)

376.760

409.066

309.260

 

 

 

 

TOTAL

658.547

626.157

466.251

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

14.152

14.286

14.441

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

5.501

6.444

7.401

(c) Deferred tax assets (net)

0.129

0.125

0.113

(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

19.782

20.855

21.955

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

41.729

33.484

19.298

(c) Trade receivables

499.030

484.776

332.374

(d) Cash and cash equivalents

29.759

13.468

34.348

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

68.247

73.574

58.276

Total Current Assets

638.765

605.302

444.296

 

 

 

 

TOTAL

658.547

626.157

466.251

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Operating Income

4924.900

 NA

 NA

 

Other Income

 NA

 NA

 NA

 

TOTAL

 NA

 NA

 NA

 

 

 

 

 

EXPENSES

 NA

 NA

 NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 NA

 NA

 NA

 

 

 

 

 

TAX

 NA

 NA

 NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

6.840

4.975

3.315

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.89

0.64

0.43

 

Note: The above information i.e. (Operating Income) for the 2014 has been taken from indirect source i.e. ICRA

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

 NA

 NA

 NA

Cash generated from operations

 NA

 NA

 NA

Net cash flows from

 NA

 NA

 NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.14

1.34

1.58

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.70

1.48

1.44

 

 

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

45.636

48.802

76.615

Reserves & Surplus

96.145

107.428

174.778

Share Application money pending allotment

14.595

53.795

5.322

Net worth

156.376

210.025

256.715

 

 

 

 

long-term borrowings

0.615

7.066

25.072

Short term borrowings

246.309

275.219

268.175

Total borrowings

246.924

282.285

293.247

Debt/Equity ratio

1.579

1.344

1.142

 

 

 

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

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

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

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

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 one year

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

Yes

32

Litigations that the firm/promoter involved in

----------------------

33

Market information

----------------------

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from related parties

0.000

7.066

Other loans and advances

25.072

0.000

Total

25.072

7.066

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10574075

03/09/2015 *

350,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA

C66282773

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Land
  • Plant and equipment
  • Vehicles
  • Office equipment
  • Computer Equipments
  • Computer Equipments
  • 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, 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 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.64.96

UK Pound

1

Rs.99.54

Euro

1

Rs.71.64

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY 

1~10

4

--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

 

43

 

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

 

--

 

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.