MIRA
INFORM REPORT
|
Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
PURVI
PUMPS PRIVATE LIMITED |
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Registered Office : |
14,
Bhawani Peth, Near Palakhi Chowk, Pune – 411 042, |
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Country : |
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Financials (as on) : |
31.03.2002 |
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Date of Incorporation : |
17.09.1994 |
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Com. Reg. No.: |
11-80949 |
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CIN No.: [Company Identification No.] |
U29120MH1994PTC080949 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Authorised
Dealer for:
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RATING
& COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
-- |
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Status : |
Small
Company |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a relatively small company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The
company can be considered for small business dealings at usual trade terms
and conditions. Company’s
latest financials are not available from the Government records and the
management remained non-cooperative despite several follow-ups. |
LOCATIONS
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Registered Office : |
14,
Bhawani Peth, Near Palakhi Chowk, Pune – 411 042, |
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Tel. No.: |
91-20-26356615,
26356615, 26363228 |
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Mobile No.: |
91-9422317642 |
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Fax No.: |
91-20-26356615,
26351072 |
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E-Mail : |
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Sales
Office: |
S.
No.: 174/5, |
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Tel. No.: |
91-20-26363228 |
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Mobile No.: |
91-9422317642 |
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E-Mail : |
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Warehouse
: |
S.
No.: 174/5, |
DIRECTORS
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Name : |
Mr.
Shah Viren Atul |
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Designation : |
Director |
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Address : |
14,
Bhawani Peth, Pune – 411 042, |
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Date of Birth/Age : |
14.08.1960 |
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Date of Appointment : |
03.18.1994 |
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Name : |
Mr.
Shah Tulsidas Rajesh |
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Designation : |
Director |
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Address : |
63,
Rashta Peth, Pune – 411 011, |
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Date of Birth/Age : |
15.05.1953 |
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Date of Appointment : |
03.08.1994 |
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Name : |
Mr.
Shah Lallubhai Jaswant |
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Designation : |
Director |
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Address : |
14,
Bhawani Peth, Pune – 411 042, |
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Date of Birth/Age : |
20.09.1942 |
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Date of Appointment : |
03.08.1994 |
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Name : |
Mr.
Shah Arvind Ashish |
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Designation : |
Director |
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Address : |
501,
Rasta Peth, Flat No. 7, Ashwini Society, Pune – 411 042, |
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Date of Birth/Age : |
26.01.1967 |
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Date of Appointment : |
07.06.2002 |
MAJOR
SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Shah
Lallubhai Jaswant |
10 |
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Shah
Tulsidas Rajesh |
10 |
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Shah
Viren Atul |
10 |
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Shah
Arvind Ashish |
10 |
BUSINESS
DETAILS
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Line of Business : |
Authorised
Dealer for:
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GENERAL INFORMATION
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Suppliers : |
·
Agrawal Casting Private Limited ·
Katwa Steel Castings Private Limited ·
Serrao Sales Private Limited ·
SIF Pipes & Metal Limited ·
Tirupati Wire Private Limited ·
cixi zhongda motor factory [ ·
Adam J. Falato Assoc. LLC [ ·
KOPEX INDUSTRIAL CO.,LTD. [ |
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Customers : |
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No. of Employees : |
15 |
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Bankers : |
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Facilities : |
Cash
Credit Limit - Rs. 1.000 million |
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Banking Relations : |
Unknown |
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Auditors : |
Shripat
Godbole and Associates. Charterd
Accountant |
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Address: |
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Tel. No.: |
91-20-256542739 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
15000 |
Equity
Shares |
Rs. 100/- each |
Rs. 1.500 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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7540 |
Equity
Shares |
Rs. 100/- each |
Rs. 0.754 Million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2002 |
31.03.2001 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.754 |
0.754 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(4.582) |
(2.096) |
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NETWORTH |
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(3.828) |
(1.342) |
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LOAN FUNDS |
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1] Secured Loans |
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2.844 |
2.971 |
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2] Unsecured Loans |
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3.245 |
2.106 |
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TOTAL BORROWING |
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6.089 |
5.077 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2.261 |
3.735 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.500 |
1.617 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.075 |
0.075 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.718 |
2.506 |
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Sundry Debtors |
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2.110 |
3.564 |
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Cash & Bank Balances |
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0.011 |
0.054 |
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Other Current Assets |
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0.025 |
0.036 |
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Loans & Advances |
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0.033 |
0.033 |
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Total Current Assets |
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3.897 |
6.193 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.216 |
4.157 |
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Provisions |
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0.000 |
0.000 |
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Total Current Liabilities |
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3.216 |
4.157 |
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Net Current Assets |
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0.681 |
2.036 |
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MISCELLANEOUS EXPENSES |
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0.005 |
0.007 |
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TOTAL |
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2.261 |
3.735 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2002 |
31.03.2001 |
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Sales Turnover [including other income] |
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2.076 |
11.491 |
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Profit/(Loss)
Before Tax |
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(2.486) |
(1.959) |
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Provision
for Taxation |
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0.000 |
0.000 |
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Profit/(Loss)
After Tax |
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(2.486) |
(1.959) |
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Total
Expenditure |
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4.502 |
13.450 |
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover [including other income] |
|
20.000 |
25.000 |
Expected
(2008): Rs. 30.000 Millions
KEY
RATIOS
|
PARTICULARS |
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31.03.2002 |
31.03.2001 |
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PAT / Total Income |
(%) |
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(119.75) |
(17.05) |
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Net
Profit Margin (PBT/Sales) |
(%) |
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(119.75) |
(17.05) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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(45.39) |
(24.82) |
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Return
on Investment (ROI) (PBT/Networth) |
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(0.65) |
(1.46) |
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Debt
Equity Ratio (Total
Liability/Networth) |
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(2.43) |
(6.88) |
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Current
Ratio (Current
Asset/Current Liability) |
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1.21 |
3.04 |
No
subsequent financials could be available from any sources.
Management
remained non-cooperative during the current investigation.
LOCAL AGENCY FURTHER INFORMATION
During
the year under report, the company had a loss of Rs. 2.486 Millions.
The
directors have been exploring possibilities of new business. The directors are
hopeful of achieving better resulting in the current year.
Fixed
Assets:
- Land
- Factory
- Building
- Plant & Machinery
- Furniture & Fixtures
- Vehicles
- Electrical installation etc.
Manufacturing & Purchases:
- Colour
- Copper Wire
- Hardware, Spare Stamping
- Pumpkit Casting
- Bearing
- Winding Materials
Trading Goods:
· Electrical Motors
Manufacturing
of Pump Setof:
· JET
· Domestic
· Monoblock
· Subersiblte
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Name
of the company |
PURVI
PUMPS PRIVATE LIMITED |
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Presented By |
Rupee
Co-operative Bank Limited, Bhavani Peth Branch, Pune – 411 042. |
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1)
Date and description of instrument creating the change |
Hypothecation
of tangible goods/ movable property to secure demand cash-credit A/c &
Book debts dated 10.10.2002 (Both the instrument constitute as a single
charge) |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
1.000 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 all stock of Pumps Sets, Jet domestic, Monoblock, Submersible and fittings
etc. Lying at Pune & Both the present & future Book Debts. |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Cash
Credit Limit: Rate
of Interest 17% p.a. Margin
– Money 25% Repayment
on Demand |
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5)
Name and Address and description of the person entitled to the charge. |
Rupee
Cooperative Bank Limited, Bhavani Peth Branch, Pune – 411 042. |
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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 |
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Name
of the company |
PURVI
PUMPS PRIVATE LIMITED |
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Presented By |
Rupee
Co-operative Bank Limited, Bhavani Peth Branch, Pune – 411 042. |
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1)
Date and description of instrument creating the change |
Hypothecation
of tangible goods/ movable property to secure demand cash-credit A/c &
Book debts dated 10.10.2002 (Both the instrument constitute as a single
charge) |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.500 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 all stock of Pumps Sets, Jet domestic, Monoblock, Submersible and fittings
etc. Lying at Pune & Both the present & future Book Debts. |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
WCTL
A/C: Rate
of Interest 17% p.a. Margin
– Money 25% Repayment
in 36 monthly instalment of Rs. 0.018 Millions. |
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5)
Name and Address and description of the person entitled to the charge. |
Rupee
Cooperative Bank Limited, Bhavani Peth Branch, Pune – 411 042. |
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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 |
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.40.37 |
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|
1 |
Rs.82.18 |
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Euro |
1 |
Rs.55.67 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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