MIRA INFORM REPORT
|
Report Date : |
29.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
IRRIGATION PRODUCTS INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
Shed
No.7, SIDCO Industrial Estate, Malmitchampatti P.O Coimbatore-641 021 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.03.1993 |
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Com. Reg. No.: |
18-7359 |
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CIN No.: [Company Identification No.] |
U00111TZ1993PTC007359 |
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TAN No.: [Tax Deduction & Collection Account No.] |
CMBI03152C |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
of Irrigation Equipments & Spares |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 25000 |
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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. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations
are fair. Payments are correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Shed
No.7, SIDCO Industrial Estate, Malmitchampatti P.O Coimbatore-641 021 |
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Tel. No.: |
91-422-
2655777 |
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Corporate Office : |
18-A,
Kalakshetra Road, C/26, Fort Indraprastha, Thiruvanmiyur, Chennai- 600 041 |
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Tel. No.: |
91-44-24914043/24902079/24463414 |
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Fax No.: |
91-44-24911449 |
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E-Mail : |
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Website: |
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Branch : |
K-1/120,
C R Park, New Delhi 110 019 |
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Tel. No.: |
91-11
26472845 |
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Factory : |
B-83,
Quail Hill, Coonoor, Nilgiris, Tamilnadu-643104 |
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Associate Office: |
276,
Colonnades, 34 Porchester Square London W2 6AT, UK. |
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Tel. No.: |
0044-207-2627109 |
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Fax No.: |
0044-207-7063920 |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr.
R K Garyali |
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Designation : |
Managing
Director |
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Name : |
Mrs.
Pamela Garyali |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Irrigation Equipments & Spares |
GENERAL INFORMATION
|
Suppliers : |
Ø
Blue Dart Express
Limited Ø
Blue Star Limited Ø
DGP Windsor India Limited Ø
Kelba Agro Engineering
Private Limited. Ø
Lakshmi Cargo Company Limited Ø
Milesworth Travels
& Tours Private Limited Ø
The Toro Company Ø
Import Creditors Ø
Easy Fire Control
System Ø
Flow Tech Ø
Kamal Stores Ø
Professional Courier Ø
Span Corporation Ø
Rich Strokes Ø
Susil Computers Ø
Vidhi Corporation Ø
Unique Plastics
Ø
Amjath Khan Ø
Agri Pacific
Incorporation |
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|
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Customers : |
Ø
Airforce Golf Club-I Lindon Ø
Airforce Golf Club, New Delhi Ø
Anantha Murugan Ø
Army Golf Course Ø
Bangalore Golf Club Ø
Blue Moon Irrigation
System Ø
B.P. Singh Ø
Chandigarh Golf Club Ø
Hindustan Lever
Limited-Irrigation Ø
Ford India
Limited Ø
Haryali Ø
I.P.Rings Ø
EID Parry India
Limited Ø
Jaypee Groups Ø
Le Royal Meridian Ø
DLF Golf Resorts
Limited Ø
Krishna Cricket
Associations Ø
Indian Hotels and
Health Resorts Limited |
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No. of Employees : |
About
30 |
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Bankers : |
Ø
ANZ Grindlays Bank- Chennai Ø
ANZ Grindlays Bank- Coimbatore Ø
ANZ Grindlays Bank- Delhi Ø
State Bank of
India - Coimbatore Ø
State Bank of
India - Chennai |
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Facilities : |
Satisfatory |
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Banking Relations : |
Good |
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Auditors : |
T
V K Murti & Sridhar, Charted Accountants |
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Address: |
129,
Gray’s Hill, Coonoor- 643 101 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity
Share |
Rs. 10/each |
Rs.5.000 million |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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245200 |
Equity
Share |
Rs. 10/each |
Rs.2.452 Million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2.452 |
2.452 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
3.924 |
2.839 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH
|
|
6.376 |
5.291 |
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LOAN FUNDS |
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1] Secured Loans |
|
1.283 |
1.120 |
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2] Unsecured Loans |
|
0.508 |
0.508 |
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TOTAL
BORROWING
|
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1.791 |
1.628 |
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DEFERRED TAX LIABILITIES |
|
0.705 |
0.711 |
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TOTAL
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8.872 |
7.630 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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4.753 |
4.714 |
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Capital work-in-progress
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|
0.000 |
0.000 |
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INVESTMENT
|
|
0.000 |
0.500 |
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DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Pre Paid Insurance
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|
0.073 |
0.070 |
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Stock in Trade
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|
4.087 |
3.838 |
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Sundry Debtors
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|
3.528 |
4.121 |
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Cash & Bank Balances
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|
5.965 |
3.559 |
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Interest Accrued
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|
0.124 |
0.112 |
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Loans & Advances
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|
2.124 |
1.331 |
Total Current Assets
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|
15.901 |
13.031 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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Provisions
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Total Current Liabilities
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11.981 |
10.822 |
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Net Current
Assets
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3.920 |
2.209 |
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MISCELLANEOUS EXPENSES
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|
0.000 |
0.000 |
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Deferred Revenue Expenses
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0.199 |
0.207 |
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TOTAL
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8.871 |
7.630 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
31.284 |
29.557 |
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Profit/(Loss)
Before Tax |
|
1.700 |
0.155 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
1.700 |
0.155 |
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Total Expenditure
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29.583 |
28.011 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
5.43 |
0.52 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
5.43 |
0.52 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
6.75 |
0.87 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.27 |
0.03 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
2.16 |
2.35 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.33 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results and Operational
Performance
The
Authorized capital of the company continues to be Rs.5.000 million against
which the issued, paid up and subscribed capital is of the order of Rs.2.452
million.
Despite
slight drop in the overall Turnover of the Company, the company has still
recorded a net profit after interest and depreciation of Rs-1.188 millions
compared to Rs.1.384 millions of the
previous year, however, maintaining the same Net profit to Turnover ratio of
about 4%. The Gross profit ratio has marginally increased because of more
revenue on account of Service Bills.
The
company has made an addition to its Fixed Assets by Rs.2.327 million during the
year 2001-02.This mainly includes the purchase of Plot at Eagleton Golf Club,
Bangalore at a cost of Rs.1.454 as on
31.3.02, excluding the registration expenses.
An
Amount of Rs.0.911 million remained outstanding as on 31st March,
2002, Out of Secured Loans raised from Tamilnadu Industrial Investment
Corporation. The company has also received an amount of Rs.0.285 million on
account of Subsidy during the year 2001-02, which has been appropriately
adjusted in accounts. The company has been regularly repaying the Principal and
the interests without any default.
The
company has now been building up Reserves and Surpluses after wiping the
losses. The Directors are grateful to the Share- Holders for their continued
patience and faith in the management of the company.
There
have been no material changes and commitments affecting the financial position
of the company which have occurred between the end of the financial year of the
company to which the balance sheet relates and the date of the report, expect
that the Company is finding difficulty in closing up the Account of two project
at Bangalore, namely Leela Palace and L&T Watch Tower and such as losses
could be anticipated.
Fixed Assets
Furniture
& Fittings:
Ø
File Cabinet, Table
& Chair (Delhi)
Ø
Sofa Set (Delhi)
Ø
Table (Delhi)
Maruti
Car & Club Car
Ø
Ford Icon (Chennai)
Scooter
/Motor Cycle
Ø
Motor Cycle (Delhi)
Ø
Imported Helmet (Delhi)
Ø
LML Scooter (Chennai)
Fire
Extinguisher, Delhi
Computer
& Printer, Chennai
Air
Conditioner, Chennai
UPS,
Delhi
Tools,
Chennai, Delhi
Office
Equipments
Ø
Steel Cupboard (Chennai)
Ø
Fan (Delhi)
Land
& Buildings
Plant
& Machinery
Fridge
Stabilizer
Stencil
Grinder
Weightment
scale
Washing
Machine
Typewriter
& Fax
Lab
Equipment
Bi-cycle
Sintex
Tank
Monoblock
Pump
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.44.24 |
|
UK
Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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
|
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 |