%2022-Jan-2007_files/image002.jpg)
MIRA
INFORM REPORT
|
Report Date : |
22.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
PRESSURE
VESSELS ( |
|
|
|
|
Registered Office : |
J-499,
M.I.D.C., Bhosari-411026, Pune-411026, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1986 |
|
|
|
|
Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business : |
Manufacturers
of Pressure Vessels, Shell and Tube, Heat Exchangers, Plate Heat Exchangers,
Distillation (Plumps, Drivers/ Silos etc.) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD
15000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well-established and reputed concern having satisfactory track. Trade
relations are fair. Payments are correct and as per commitments. The concern
is doing well. It can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/ Factory : |
J-499,
M.I.D.C., Bhosari-411026, Pune-411026, |
|
Tel. No.: |
91-20-27472430/
27473020 |
|
Mobile No.: |
91-9822007870 |
|
Fax No.: |
91-20-27464754 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
7000
Sq.ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. S.
S. Joshi |
|
Designation : |
Partner |
|
Date of Birth/Age : |
55
years |
|
Qualification : |
B.E. (Mechanical
Graduate) |
|
Experience : |
25
years |
|
|
|
|
Name : |
Mr.
M.S. Inamdar |
|
Designation : |
Partner |
|
Date of Birth/Age : |
45
years |
|
Qualification : |
B.E.
(Gradauate) |
|
Experience : |
25
years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Pressure Vessels, Shell and Tube, Heat Exchangers, Plate Heat Exchangers,
Distillation (Plumps, Drivers/ Silos etc.) |
|
|
|
|
Exports to : |
U.A.E. |
|
|
|
|
Imports from : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Contract |
|
|
|
|
Purchasing : |
Cash
and Credit |
GENERAL INFORMATION
|
Customers : |
Alstom Walchandnagar Industries Larsen & Toubro, Aquatech Systems ( Krupp Industries, Pune Kirloskar Pneumatics Company Limited., Pune Kirloskar Ebara, Kirloskarwadi Alfa Laval, Pune Deepak Nitrite Ltd., Pune Sulzer India Ltd., Pune Ion Exchange Ltd., Thermax Ltd., Pune High Explosives Factory, Pune, Bhandara, Itarsi Ordnance Factory, DRDO, |
|
|
|
|
No. of Employees : |
40 |
|
|
|
|
Bankers : |
Ø
Centurian Bank of Punjab Limited, Pimpri, Pune Ø
HSBC Bank, Pune Ø
State Bank of |
|
|
|
|
Banking Relations : |
Satisfactory |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.1.154
millions |
|
Borrowed : |
Rs.0.769
millions |
|
Total : |
Rs.1.923
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1.154 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.312 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1.466 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.769 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.769 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2.235 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.933 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.090 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
6.425 |
|
|
Sundry Debtors |
|
|
|
|
|
Cash & Bank Balances |
|
|
7.298 |
|
|
Other Current Assets |
|
|
|
|
|
Loans & Advances |
|
|
|
|
Total Current Assets |
|
|
13.723 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
13.511 |
|
|
Provisions |
|
|
|
|
Total Current Liabilities |
|
|
13.511 |
|
|
Net Current Assets |
|
|
0.212 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2.235 |
|
%2022-Jan-2007_files/image003.gif){kind=small}
%2022-Jan-2007_files/image004.gif){kind=small}
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
Sales Turnover [including other income] |
|
|
6.317 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
|
0.312 |
|
Provision
for Taxation |
|
|
0.000 |
|
Profit/(Loss)
After Tax |
|
|
0.312 |
|
|
|
|
|
|
Export
Value |
|
|
5.000 |
|
|
|
|
|
|
Import
Value |
|
|
2.000 |
|
|
|
|
|
|
Total
Expenditure |
|
|
6.317 |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
PAT / Total Income |
(%) |
|
|
4.94 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
|
4.94 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
|
1.99 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
|
0.21 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
|
9.74 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
|
1.01 |
LOCAL AGENCY FURTHER INFORMATION
Trade References :
Ø
Ø
Kirloskar
Ehara Limited, Pune
Ø
Kirloskar
Pneumatics Limited, Pune
Ø
Hindustan
Zinc Limited,
Ø
Merto
Overseas Limited, Sharjah, U.A.E.
Ø
Aquatech
Systems Asia Private Limited, Pune
Website Details :
They are a team of
experienced, well qualified engineers and skilled workforce having excellent
track record in the design and manufacture of process equipments like
Ø
Pressure
Vessels
Ø
Shell
& Tube Heat Exchangers
Ø
Plate Heat
Exchangers Distillation Columns
Ø Driers/ Silos / Any other custom built
equipment
Subject is a
partnership firm established in 1986 situated in Pune Industrial Area about 160
km from Mumbai, is well connected to Mumbai City by rail and road. Proximity to
Mumbai makes Pune an ideal choice for export to Middle East, South East Asian
Countries,
Subject has a
fabrication shop of 7000 sq. ft. area & is equipped with modern Rolling/ Welding/
Machining and Handling Facilities. Due to high quality standards, subject has
been approved by almost all national and international consultants and
inspection agencies. Today almost 75% of vessels manufactured by subject are
exported to countries like
Subject is fully
geared up for supplying Coded Pressure Vessels, Heat Exchangers, or any process
equipments to any corner of the world.
Subject is keenly
interested in supplying quality fabrications to global markets and genuine
enquiries are solicited in this area.
Pressure
Vesssels
Codes and Specifications:
ASME, Sec. VIII Div.I (Latest Revision)
BS 5500, IS 2825, IS 803, API 600 or as per any other standard.
Specification :
Thickness : Upto 50 mm
Length : 20 mtrs. or more with field joints
Weights : Upto 60 tons
Diameter : Upto 5 mtrs.
Material of Construction :
Ø
Stainless Steel 300 & 400 series
Ø
Carbon Steel / Low Alloy Steel
Ø
Aluminium (Pure & Alloy)
Ø
Copper, Monel, Inconel, Hastelloy etc.
Welding Facilities :
TIG / MIG / SMAW / FCAW / SAW facilities are used to produce
highest quality equipments in shortest delivery period & at world's lowest
prices. Qualified & highly skilled welders (as per ASME, IS) and extensive
radiographic welding capability makes subject an ideal choice for all types of
ASME Section VIII constructions.
Inspection Facilities :
Reputed
laboratories / Industrial Services are attached to subject for carrying out
physical & chemical testing of materials, radiography, ultrasonic testing,
magnetic particle testing, helium leakage testing, post weld heat treatment,
highest quality painting, sea worthy packing & shipment to any country of
the world.
Approvals:
Subject has been approved by international inspection agencies
like LLOYDS, EIL, UHDE, JACOBS H & G, ICB TECHNIMONT, KPG, BVIS, DNV, TOYT,
SGS etc.
World-wide Clientele:
Subject has also become one of the largest producers of Tanks and
Vessels required for water treatment which are exported to countries like U.K.
Taiwan,
Subvendors of
Ø
Mitsubhishi Heavy Industrie
Ø
Bechtel
Ø
ABB
Code and Specifications :
Capacity
Upto 2000 M2 surface area.
Tube Sheet Drilling on Radial Drilling Machine or on CNC Machines
Accurate drilling in tube sheets up to 160mm thickness.
Welding capabilities include TIG/MIG/SMAW/FCAW, welding procedures approved by
competent authorities. Qualified welders, extensive radiographic capability
& excellent tube expansion facilities have kept subject ahead of others.
Subject can even replace the old tubes with the help of Modern
Hydraulic tube pulling machines without cutting the tube sheets.
Subject have wide range of Heat Exchangers in S.S (300 & 400
series). Copper and its alloys, Carbon Steel (including low temperature
service) & other special metals.
Subject can also supply Air Cooled Heat Exchangers with Spiral
Finned Tubes with different tube and fin material like Aluminium, Copper Carbon
Steel, Stainless Steel etc.
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 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.44.21 |
|
|
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.34 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
57 |
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 |
|