MIRA
INFORM REPORT
|
Report Date : |
13.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
PERMIONICS
MEMBRANES PRIVATE LIMITED |
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Registered Office : |
3/29,
4/19, BIDC Industrial Estate, Gorwa, Vadodara – 390016, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.04.2003 |
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Com. Reg. No.: |
04-42216 |
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CIN No.: [Company
Identification No.] |
U29197GJ2003PTC042216 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDP00942E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
of Commercialised Membrane |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company having fine track. Financial position is
good. Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office |
5/11, BIDC Industrial Estate, Gorwa,
Vadodara – 390016, Gujarat |
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Office : |
3/29,
4/19, BIDC Industrial Estate, Gorwa, Vadodara – 390016, Gujarat |
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Tel. No.: |
91-265-2280003/2283171/2281563 |
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Fax No.: |
91-265-2281512 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mrs.
Vinodini S Mayor |
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Designation : |
Director
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Address : |
Kamal
Cottage, Jetal Pur Road, Baroda – 390007 |
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Name : |
Mr.
Satyajai S Mayor |
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Designation : |
Director
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Address : |
102,
Anand Kiran Apartment, Near Manisha Society, Old Padra Road, Baroda – 390020 |
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Name : |
Dr.
Satyajit S Mayor |
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Designation : |
Director
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Address : |
2nd
Floor, Flat No. 201, Llyod’s Road, Cooke Town, Bangalore – 560005 |
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Name : |
Mr. V
Y Jose |
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Designation : |
Director
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Address : |
A –
23, Samrajya Akota Road, Baroda – 390020 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mrs.
Vinodini S Mayor |
240000 |
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Mr.
Satyajai S Mayor |
192000 |
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Dr.
Satyajit S Mayor |
112000 |
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Ms.
Lilavati Mayor |
120000 |
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Mrs.
Ravita Mayor |
8000 |
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Mr. V
Y Jose |
120000 |
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Ms.
Ayisha Abraham |
8000 |
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Total |
800000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Commercialised Membrane |
GENERAL
INFORMATION
|
Employees |
200 |
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Bankers : |
State
Bank of India, SPL Commercial Branch, Mandvi, Baroda – 3900017 |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
K M
Swadia & Company Chartered
Accountant |
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Address: |
314,
Shriram Chambers, R C Dutta Road, Alkapuri, Vadodara – 390005 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
800000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 8.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
8.000 |
1.000 |
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2] Share Application Money |
|
0.00 |
0.000 |
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3] Reserves & Surplus |
|
44.667 |
26.984 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
52.667 |
27.984 |
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LOAN FUNDS |
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1] Secured Loans |
|
17.894 |
13.842 |
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2] Unsecured Loans |
|
1.422 |
1.620 |
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TOTAL BORROWING |
|
19.316 |
15.462 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
71.983 |
43.446 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
20.717 |
13.131 |
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Capital work-in-progress |
|
5.620 |
1.199 |
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INVESTMENT |
|
8.046 |
8.046 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
28.967 |
25.386 |
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Sundry Debtors |
|
29.049 |
9.723 |
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Cash & Bank Balances |
|
6.610 |
5.494 |
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Other Current Assets |
|
0.252 |
0.177 |
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Loans & Advances |
|
34.428 |
17.362 |
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Total Current Assets |
|
99.306 |
58.142 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
31.550 |
22.834 |
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Provisions |
|
30.156 |
14.238 |
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Total Current Liabilities |
|
61.706 |
37.072 |
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Net Current Assets |
|
37.600 |
21.070 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
71.983 |
43.446 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
167.466 |
92.815 |
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Profit/(Loss)
Before Tax |
|
39.829 |
25.969 |
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Provision
for Taxation |
|
13.788 |
9.293 |
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Profit/(Loss)
After Tax |
|
26.041 |
16.676 |
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Total
Expenditure |
|
127.637 |
66.846 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
15.55 |
17.96 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
23.78 |
27.97 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
33.18 |
36.43 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.75 |
0.92 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
1.53 |
1.87 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.60 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
PERMIONICS
MEMBRANES PRIVATE LIMITED |
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Presented By |
-- |
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1) Date and description of instrument creating the change |
Hypothecation of stocks and book debts 18.04.2003 in favour of state bank of India specialised commercial branch, Baroda |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.500/- millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of stocks including RM, Stock – in – process, finished goods, packing martial, stores spares, book – debts, receivables etc |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests – 2.5% Effective Rate – 13.25% Margin – RM 30% & Stock – 40% Receivables – 50%, LC – 25% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, SPL Commercial Branch, Mandvi, Baroda – 3900017 |
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6) Date and brief description of instrument modifying the charge |
On 01.01.2005, Supplemental deed of hypothecation was executed |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The amount has been enhanced from Rs. 9.500 Millions to Rs. 14.500 Millions Demand CC – 4.000 Millions (Old) + 4.000 Millions (New) Bank Guarantee – 3.000 Millions + 5.000 Millions Letter of Credit – 2.500 Millions + 5.500 Millions |
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Name of the company |
PERMIONICS
MEMBRANES PRIVATE LIMITED |
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Presented By |
-- |
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1) Date and description of instrument creating the change |
Hypothecation of stocks and book debts 01.01.2005 in favour of state bank of India specialised commercial branch, Baroda |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of movable book – debts and others assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest – 0.6% minimum interest 10.85% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, SPL Commercial Branch, Mandvi, Baroda – 3900017 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U29197GJ2003PTC042216 |
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Name of the company |
PERMIONICS MEMBRANES
PRIVATE LIMITED |
|
Address |
5/11,
BIDC Industrial Estate, Gorwa, Vadodara – 390016, Gujarat |
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This Form is for |
Creation Charge |
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Particular of the charge holder |
State Bank of India, SPL Commercial Branch, Mandvi, Baroda – 3900017 |
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Date of the instrument creating charge |
17.04.2006 |
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Amount Secure by the charge |
Rs. 60.200 Millions |
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Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U29197GJ2003PTC042216 |
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Name of the company |
PERMIONICS MEMBRANES
PRIVATE LIMITED |
|
Address |
5/11, BIDC Industrial Estate, Gorwa,
Vadodara – 390016, Gujarat |
|
This Form is for |
Modification Charge |
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Particular of the charge holder |
State Bank of India, SPL Commercial Branch, Mandvi, Baroda – 3900017 |
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Amount Secure by the charge |
Rs. 9.500 Millions |
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Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
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Date of instrument modifying the charge |
17.04.2006 |
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Particulars of the present modification |
By present modification the amount of charge has been increased from Rs. 22.000 Millliosn to Rs. 60.200 Millions |
Profile
Further Advances In Membrane Technology At Permionics:
With
over Eleven types of membranes in its production range, the company has been
able to custom design and tailor make membranes and systems to suit any
potential and viable application. The company has an impeccable record of
quality and service. This is because each and every query is treated with the
uniqueness and the gravity and seriousness it deserves.
Not
only were Permionics pioneering in membrane manufacture, it felt the need to
expand the scope and range of membrane technology application. Further advances
were focused on applying its diverse range of membranes to other areas apart
from water purification. In this, it successfully pioneered membrane usage in
several non-water applications such as milk concentration, whey fractionation,
dyes desalting and deashing, broth clarification etc. These efforts spilled
over into providing pure and safe drinking water in homes, too, incorporating
its Polyethersulfone Ultrafiltration membrane. This was yet another first,
being the only company in India manufacturing and marketing a membrane based
water purifier-to list one of its many advantages-it used no electricity nor
any chemicals. The product, branded as PUREFLO, is being manufactured and
marketed by the company, throughout the country market through its own sales
and service network.
They
have over 1200 installations of systems in the country and abroad catering to
almost every application ranging from Broth Clarification to Water Desalination
The `PERMA’ Nanofiltration membrane has revolutionized the dyeing industry by
proving to be the best solution for the desalting and concentration of Reactive
dyes. We have supplied over 70 systems for this application including exports
to THAILAND, PAKISTAN, INDONESIA and ARGENTINA.
Milestones
1979
Commercial Manufacture of Cellulose Acetate Membranes
1980
Manufacture
of Cellulose Acetate Membrane Spiralwound UF And RO Modules.
1981
Asia's
First Membrane System for Concentration and Purification of Streptomycin -
Reverse Osmosis Based.
1982
World's
First Membrane System For Concentration and Purification of Papain Enzyme -
Ultrafiltration Based
1983
Demonstrated
The Process of Desalination of Water by Reverse Osmosis to the Govt. of
Gujarat.
1984
Commissioned
India's First System for Village Water
Desalination - Reverse Osmosis Based.
1985
First
Membrane System for Metal Recovery in Electroplating Industry - Reverse Osmosis
Based
1988
Development
and Commercialization of the Polysulfone Ultrafiltration Membrane.
1989
Commercialization
of the Polysulfone Membrane -
Spiralwound Ultrfiltration Module
1990
Commissioned an Ultrapure Water Production RO System - Peritoneal Dialysis.
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 records 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.45.16 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|