MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PPI PUMPS PRIVATE LIMITED |
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Registered Office : |
Plot No. 4/2, Phase I, GIDC Estate, Vatwa, Ahmedabad – 382445, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.11.1987 |
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Com. Reg. No.: |
04-10148 |
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CIN No.: [Company
Identification No.] |
U29120GJ1987PTC010148 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMP00071B |
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PAN No.: [Permanent
Account No.] |
AABCP5949D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of vacuum pumps |
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 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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
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Registered Office : |
Plot No. 4/2, Phase I, GIDC Estate, Vatwa, Ahmedabad – 382445, |
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Tel. No.: |
91-79-25835698 / 25891365 / 25832273 / 25832274 |
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Fax No.: |
91-79-25830578 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 14 & 16, Phase I, GIDC
Estate, Vatwa, Ahmedabad – 382445, |
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Branches : |
Located at
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DIRECTORS
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Name : |
Mr. Prakash Hemendra Shah |
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Designation : |
Director |
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Address : |
22, Sweethome Society, Ambawadi, Ahmedabad – 380015, |
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Date of Birth/Age : |
13.11.1944 |
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Date of Appointment : |
18.11.1987 |
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Name : |
Mr. Bhavin Hemendra Shah |
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Designation : |
Director |
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Address : |
13- Niyojannagar, Ambawadi, Ahmedabad – 380015, |
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Date of Birth/Age : |
27.09.1963 |
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Date of Appointment : |
18.11.1987 |
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Name : |
Ms. Pritiben Bhavin Shah |
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Designation : |
Director |
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Address : |
13- Niyojannagar, Ambawadi, Ahmedabad – 380015, |
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Date of Birth/Age : |
24.02.1966 |
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Date of Appointment : |
29.05.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Prakash Hemendra Shah |
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30000 |
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Bhavin Hemendra Shah |
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30000 |
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Amoli Prakash Shah |
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5000 |
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Dhruv Prakash Shah |
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10000 |
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Pritiben Bhavin Shah |
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10000 |
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Pujan Bhavin Shah |
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10000 |
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Surekhaben Prakash Shah |
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5000 |
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Total |
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100000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of vacuum pumps |
GENERAL INFORMATION
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Bankers : |
˛
State Bank of ˛
Bank of ˛
Ahmedabad Mercantile Co-Operative Bank Limited ˛
HDFC Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dinesh R Shah and Company Chartered Accountants |
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Address : |
51, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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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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9.927 |
6.888 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.927 |
7.888 |
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LOAN FUNDS |
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1] Secured Loans |
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14.794 |
7.837 |
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2] Unsecured Loans |
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0.416 |
0.504 |
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TOTAL BORROWING |
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15.210 |
8.341 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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26.137 |
16.229 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.919 |
3.637 |
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Capital work-in-progress |
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0.000 |
2.015 |
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INVESTMENT |
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0.010 |
0.010 |
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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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13.938 |
6.429 |
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Sundry Debtors |
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18.028 |
16.573 |
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Cash & Bank Balances |
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2.631 |
1.421 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.585 |
3.125 |
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Total
Current Assets |
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38.182 |
27.548 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.713 |
14.055 |
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Provisions |
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3.265 |
2.930 |
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Total
Current Liabilities |
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17.978 |
16.985 |
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Net Current Assets |
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20.204 |
10.563 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.004 |
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TOTAL |
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26.137 |
16.229 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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69.166 |
52.969 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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69.166 |
52.969 |
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Profit/(Loss) Before Tax |
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6.304 |
NA |
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Provision for Taxation |
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2.125 |
NA |
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Profit/(Loss) After Tax |
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4.179 |
NA |
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Earnings in Foreign Currency : |
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Export Earnings |
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Commission Earnings |
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12.457 |
NA |
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Other Earnings |
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Total Earnings |
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Expenditure in Foreign Currency: |
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Imports of Raw Materials and Components |
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0.000 |
0.655 |
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Traveling |
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0.000 |
0.096 |
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Foreign Inspection |
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0.000 |
0.040 |
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Export Commission |
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0.336 |
0.287 |
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Export Exhibition |
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0.149 |
0.000 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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61.803 |
NA |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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1.059 |
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Total Expenditure |
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62.862 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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6.04 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.11 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.29 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.57 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.04 |
3.21 |
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Current Ratio (Current Asset/Current Liability) |
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2.12 |
1.62 |
LOCAL AGENCY FURTHER INFORMATION
AS PER
WEBSITE
Profile
Subject began operations in 1979 with the manufacturing of vacuum pumps
in a number of different sizes and capacities. Over the years, the company has seen
exemplary growth and today, it is one of India's largest vacuum pumps
manufacturers with a production capacity of up to 15,000 M3/hr (375
kW).
An ISO 9001:2000 certified company, PPI Pumps has successfully maintained the
highest levels of customer satisfaction through the influx of quality control
measures in all areas of operations. The company holds regular training and
educational programmes, which help create an environment that encourages their
employees to provide products and services that meet the expectations of its
clients.
A resourceful and visionary management team, backed by over 360 employees in
the group, has made PPI Pumps a name to reckon with in not only the national
markets, but in a number of foreign countries as well.
Vision
and
To compete in the world market through excellent product quality &
incorporation of designs that match international requirements.
Infrastructure
Spread across 65,000 sq. m the company is equipped with modern machinery
and enough production capacity. The state-of-the-art manufacturing facility is
equipped with the latest technology and can meet any kind of challenge
Philosophy
The company's philosophy all through has been - 'Renowned for
Reliability and Service'. The company strongly believes that technology if used
effectively can make their products compatible with international standards.
People
The company's greatest strength is manpower. An extremely dedicated and
experienced technical staff contribute towards development and production challenges.
Corporate Social
Responsibility
The Group is actively involved in the upliftment of the tribal
communities in the States of Gujarat & Bihar of
Products
PPI Pumps offers a wide array of products that fulfill the exact
requirements of customers. The different designs of pumps are developed to suit
different industry and process specific requirements.
The different type & size of Vacuum Pumps offers wide range of capacity,
different level of vacuum and choice of material to suit individual customer
requirements.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.24 |
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1 |
Rs.83.04 |
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Euro |
1 |
Rs.55.66 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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48 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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