MIRA INFORM REPORT

 

            

Report Date :

10.07.2007

 

IDENTIFICATION DETAILS

 

Name :

UNP POLYVALVES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Dev Prayag, C. H. S., S-11, Bhakti Mandir Road, Near Hari Niwas Circle, Panchpakhadi, Thane (West) – 400 602, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

07.07.2000

 

 

Com. Reg. No.:

11-127615

 

 

CIN No.:

[Company Identification No.]

U25209MH2000PTC127615

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEU05365D

 

 

PAN No.:

[Permanent Account No.]

AAACU4192L

 

 

Legal Form :

Subject is a private limited liability company.

 

 

Line of Business :

Manufacturing of Plastic Pipes, Flanges, Stubends and Allied types of Pipe Fittings.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 10000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track records. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. 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/ Administrative Office :

Dev Prayag, C. H. S., S-11, Bhakti Mandir Road, Near Hari Niwas Circle, Panchpakhadi, Thane (West) – 400 602, Maharashtra, India

Tel. No.:

91-22-25675205/25686061/ 91-22-25392339 / 55921566/ 67/ 68

Mobile No.:

91-9825666024

Fax No.:

91-22-25686061/ 91-22-25337795

E-Mail :

deepakamrutkar@hotmail.com

mktg@polyvalve.com
director@polyvalve.com

kagandhi3@gmail.com

Website :

http://www.polyvalve.com

 

 

Head Office :

Vijay Enclave, Building No.3, Flat No.44, Off Ghodbunder Road, Thane (West)-400607, Maharashtra, India

Tel. No.:

91-22-25392339

 

 

Corporate Office :

Gar Building No. 7, Co-operative Housing Society, B – Wing, Flat No. 33, Khopat, Thane (West), Mumbai – 400 601, Maharashtra

 

 

Factory 1 :

Dev Prayag, C. H. S., S-11, Bhakti Mandir Road, Near Hari Niwas Circle, Panchpakhadi, Thane (West) – 400 602, Maharashtra

 

 

Factory 2 :

Unit 1 (An ISO 9001:2000 Certified), Survey No.429, Shed No.4, Near Kalali Rly.Crossing, Atladara, Vadodara-390012                                          

Tel. No.:

91-265-2330 548

Fax No.:

91-262-2339 415

E-Mail :

response@plastic-valves.com

 

 

Factory 3 :

Unit 2 (748/4), GIDC, Makarpura, Vadodara - 390 010

Tel. No.:

91-265-2645379 / 2649248

Fax No.:

91-265-2632628

 

 

DIRECTORS

 

Name :

Mr. Amit N Shah

Designation :

Director

Address :

18/A, Durga Nagar Society, B/H Tube Co., Old Padra Road, Baroda-390012, Gujarat

Date of Birth/Age :

01.09.1969

Date of Appointment :

07.07.2000

 

 

Name :

Mr. Urmilbhai Shah

Designation :

Director

Address :

18/A, Durga Nagar Society, B/H Tube Co., Old Padra Road, Baroda-390012, Gujarat

Date of Birth/Age :

04.08.1972

Date of Appointment :

10.07.2000

 

 

Name :

Mr. Nalinkant A Shah

Designation :

Director

Address :

18/A, Durga Nagar Society, B/H Tube Co., Old Padra Road, Baroda-390012, Gujarat

Date of Birth/Age :

10.04.1936

Date of Appointment :

07.07.2000

 

 

Name :

Ms. Sonia A Shah

Designation :

Director

Address :

18/A, Durga Nagar Society, B/H Tube Co., Old Padra Road, Baroda-390012, Gujarat

Date of Birth/Age :

01.01.1974

Date of Appointment :

07.07.2000

 

 

Name :

Ms. Disha U Shah

Designation :

Director

Address :

18/A, Durga Nagar Society, B/H Tube Co., Old Padra Road, Baroda-390012, Gujarat

Date of Birth/Age :

01.01.1974

Date of Appointment :

10.07.2000

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Mr. Amit Shah

81

Ms. Sonia Shah

2031

Ms. Disha Shah

2165

Mr. Nalikant Shah

1081

Mr. Urmil Shah

500

Urmil Shah (HUF)

1

Amit Shah (HUF)

1

Nalin Shah (HUF)

1

 

 

 

All the shares are held by directors or their relatives.

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Plastic Pipes, Flanges, Stubends and Allied types of Pipe Fittings.

 

 

Products :

Generic Names of Principal Products / Services of the Company are :-

 

v      Plastic Pipes

v      Flanges

v      Stubends

v      Allied types of Pipe Fittings

v      Ball Valve

v      Hdpe Pipe & Fittings

v      Polymers

v      Ball Check

v      Pipes & Fittings

v      Diaphragm Valve

v      Foot Valve

v      Sampling Valve

v      Sight Flow IndicatoR

v      Strainer

 

Its’ products range includes :-

 

v      Pnumatically Actuated Valves

v      Pneumatically Actuated Valves

v      Pneumatically Actuated Valves

 

 

Exports :

 

Countries :

Bangladesh, Thailand, Germany, Egypt, Brazil, United Arab Emirates, Quatar, Kuwait, Indosnesia, china, Japan, Sri Lanka

 

 

Imports :

 

Countries :

Belgium, United States and Germany

 

 

GENERAL INFORMATION

 

Suppliers :

Some of its’ major suppliers are :-

 

v      Sri Nidhi Advertising & Marketing

v      Mark Enterprises

v      Mumbai Baroda Roadways

v      The Professional Couriers

v      Expenditors International (India) Private Limited

v      Wayking Auto Garage

v      Blockdale

v      Hrucha Worldwide Courier

v      Sagar Xerox

v      B-Mart

v      Jasubhai Media Private Limited

v      Suraj Enterprises

v      Delta Prints

v      Net Tech Systems

v      SKD Enterprises

v      Virat Machinery & Tools

v      Shree Virad Oil Suppliers

v      Uma Steel Corporation

v      Zex Electricals

v      Krunal Electrical & Services

v      Laxmi Steel Corporation

v      Abhishek Travels & Forex Limited

v      Chheda Trading Company

v      Seven Hills Publication Private Limited

v      Ravi Art

v      N. K. Sales Corporation

v      Shree Mukt Jewellers

v      Tej Auto Engineers

v      Down Town Motors Private Limited

v      Khushboo Auto Electrical Works

v      Mac Photographer

v      Jasubhai Media Private Limited

v      Commercial Publications

v      J. K. Cycle Company

v      The plastic Export Pro. Council

v      Usha Ascot

 

 

Customers :

Some of its’ major customers are :-

 

v      Abiaze Glass Works Private Limited

v      Amoli Organics Limited

v      Aqua Chemicals and Systems (Mfg.)

v      Bayer (India) Limited

v      Bhabani Pigments Private Limited

v      Bharat Starch Industries Limited

v      Birla Cellulosic

v      Calyx Pharmaceuticals & Cheminova India Limited

v      Colour Chaem Limited, Thane

v      Cosord, India

v      D. K. Engineers

v      Daurala Organics Limited

v      Duvent Fans Private Limited

v      Exide Industries Limited

v      Flat Products Equipments (India) Limited

v      Furnace Fabrica (India) Limited

v      Gea Energy System (India) Limited

v      Gharda Chemicals Limited

v      Grasim Industries Limited, Nagda

v      Gujrat Alkali & Chemicals, Baroda, Gujarat

v      Gujarat Alkali & Chemicals, Dahej, Gujarat

v      Gulbrandson Chemicals Private Limited

v      Heubach Colour Limited

v      Hi-Tech Polymers

v      Hussain Enterprise

v      Indo Gulf Corporation Limited

v      Integrated Quality Services

v      Ion Exchange (India) Limited, Navi Mumbai, Maharashtra

v      Kamdhenu Nutrients Private Limited

v      Kemplast Products

v      Lloyd Insulations (India) Limited

v      Lupin Limited

v      Manisha Steels

v      Multiform Machinery (Bombay) Private Limited

v      Multy Products

v      P. V. Products (Dadar)

v      Paramount Limited

v      K. B. Steel

v      Pesticides India

v      Pharmlab Process Equipments

v      Phthalo Colour & Chemicals Limited

v      Procon Engineers

v      Ranbaxy Laboratories Limited, Toansa

v      Ravi Dyeware Company Limited

v      Reliance Silicones (India) Limited

v      Sanmar Speciality Chemicals Limited

v      Chempro Expertise Private Limited

v      Chemtex Engineering of India Limited

v      Dalal Consultants & Engineers Limited

v      Engineers India Limited

v      Hindustan Dorr-Oliver Limited

v      Humphreys & Glasgow Consultants Limited

v      IBI Chematur (Engg. & Consultancy) Limited

v      Idea Babcock

v      Krebs & CIE Limited

v      Kti (India) Limited

v      Kvaerner John Brown Limited

v      Kvaerner Powergas India Limited

v      Lurgi India Limited

v      M.N. Dastur & Company Limited

v      Monsanto-Dmcc Enviro-Tech & Engg. Limited

v      Pipecon Consultants (India) Private Limited

v      R.J. Associates (Engineers) Private Limited

v      Shriram Projects Limited

v      Shroff & Associates (Engineers) Private Limited

v      Tata Consulting Engineers

v      Techimont ICB Limited

v      Thapar Chemtex Limited

v      Toyo Engineering India Limited

v      Uhde India Limited

 

 

No. of Employees :

67

 

 

Bankers :

·         ICICI Bank

·         Vijaya Bank, Thane, Maharashtra

·         Bank of Maharashtra, Baroda, Gujarat

·         Bank of Maharashtra, Thane, Maharashtra

·         Vijaya Bank, Baroda, Gujarat

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

K. G. Gandhi & Company

Chartered Accountants

Address :

14-B, ‘Vaibhav’, 1st Floor, Corner of M. G. Road & S. L. Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Tel. No.:

91-22-25675205/25686061

Fax No.:

91-22-25686061

 

 

Memberships :

Plexcouncil, WTC

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs.100/- each

Rs.1.000 million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5861

Equity Shares

Rs.100/- each

Rs.0.586 million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.586

0.586

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

2.072

1.727

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

2.658

2.313

LOAN FUNDS

 

 

 

1] Secured Loans

 

1.024

1.021

2] Unsecured Loans

 

0.844

0.898

TOTAL BORROWING

 

1.868

1.919

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

4.526

4.232

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

8.888

8.438

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.402

0.601

 

Sundry Debtors
 

8.321

1.599

 

Cash & Bank Balances
 

9.755

6.763

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

2.630

1.918

Total Current Assets
 

21.108

10.881

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

23.891

14.156

 

Provisions
 

1.595

0.948

Total Current Liabilities
 

25.486

15.104

Net Current Assets
 

(4.378)

(4.223)

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.016

0.017

 

 

 

 

TOTAL

 

4.526

4.232

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Total Income

 

50.961

35.864

 

 

 

 

Profit/(Loss) Before Tax

 

0.787

0.815

Provision for Taxation

 

0.000

0.000

Profit/(Loss) After Tax

 

0.787

0.815

 

 

 

 

Expenditures :

 

 

 

 

Interest

 

0.344

0.170

 

Depreciation & Amortization

 

1.642

0.988

 

Other Expenditure

 

48.188

33.891

Total Expenditure

 

50.174

35.049

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

1.54

2.27

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.54

2.27

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

2.62

4.22

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.30

0.35

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

10.29

7.36

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

0.83

0.72

 

 

LOCAL AGENCY FURTHER INFORMATION

 

BUSINESS

 

Subject is engaged in manufacturing of Plastic Pipes, Flanges, Stubends and Allied types of Pipe Fittings.

 

The company’s fixed assets of important value includes telephone instruments, fax machine, furniture, office equipment, motor car (old), motor car (new), plant & machinery, electric fittings, dies & tools, air conditioner, computer and cycles.

 

The situation of the registered office of the company has changed from :

 

Vijay Enclave, Building No.3, Flat No.44, Off Ghodbunder Road, Thane (West)-400607, Maharashtra, India

 

To :

Dev Prayag, C. H. S., S-11, Bhakti Mandir Road, Near Hari Niwas Circle, Panchpakhadi, Thane (West) – 400 602, Maharashtra, India with effect from 05.07.2006

 

 

Website Details :

 

COMPANY DETAILS      

 

Having an experience over a decade has continuously developed the most critical products for Chemical Industries. The company has evolved its own designs and observations of strict quality controls that have earned it a name, which is appreciated by all leading consultants and reputed Industries.

 

PRODUCT DETAILS

             

They introduce themselves as one of the manufacturer's in India for Valves and Piping Systems from Advanced Engineering Plastics. Their product range includes Ball Valves, Diaphragm Valves, Non-return Valves, Foot Valves, Sight Flow Indicators, Pipes & Pipe fittings.

 

Having an experience over a decade has continously developed the most critical products for Chemical Industries. The company has evolved its own designs and observations of strict quality controls that have earned it a name,which is appreciated by all leading consultants and reputed Industries.           

 

Have developed specially designed Sampling Valves, Strainers and Diaphragm Valves as an import substitution to the existing imported valves especially for Caustic Chloro Plants.          

                         

Are pioneer and specialised in making Valves, Pipes and Fittings out of most advanced engineering plastics like PVDF, ETFE and Special Grade Isotactic PP which are now widely used and well accepted in Chemical Industries.           

                       

Shop floor, strict quality control over each and every component used for valve manufacturing ensures best quality, 100% leakproofness and long life to its products. 100% quantity of valves manufactured by it are subjected to Hydrotest and atleast two valves from each batch of 100 Nos. is subjected to burst test to ensure that any rise in pressure upto 4 times the working pressure due to process problems the valve should not burst on line.           

 

To ensure consistent quality and long life, subject makes use of only specific grades which are recommended by the manufacturers of raw materials for their kind of products. The company is trying for ISO-9000 Certification.   

 

Materials

 

TECHNICAL PROPERTIES OF NORMAL POLYPROPYLENE

 

 

 

PROPERTIES

POLYPROPYLENE
(MELT INDEX 0.2-1.0)

 

 

Specific Gravity

0.90-0.91

Water Absorption(% in 24 hrs.)

0.01-0.03

Hardness(Rockwell)

R90-95

Tensile Strength-(lb/sq.in.)

4400-4800

Impact Strength -Izod notched-(ft. lbs.)

1.5-2.5

Elongation at break(%)

220-600

Yield Stress(lb./sq.in.)

4400-4800

Flexural Modulus(lb./sq.in.)

1.5*105

Modules Of Elasticity In Tension(lb./sq.in.)

1.5*105

Softening Point(deg.C.)

135-150

Load-Heat(Cal/grm/deg.C.)

0.46

Load-Heat Deformation 66 lb./sq. in (deg.C.)

95-110

Load-Heat Deformation 264 lb./sq. in (deg.C.)

60-65

Inflammability

Slow Burning

Thermal Expansion (in/in./deg.C.)

805-11*10-5

Mould Shrinkage(in. per Inch)

0.01-0.02

Injection Moulding Temp (deg.C.)

200-300

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.40.45

UK Pound

1

Rs.81.23

Euro

1

Rs.55.00

 

 

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

--PROFITABILIRY

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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

 

 

 

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