MIRA
INFORM REPORT
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Report Date : |
21.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
POWER BUILD LIMITED |
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Registered Office : |
Post Box No.28, Vithal Udyognagar, Vallabh Vidyanagar-388121, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.04.1972 |
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Com. Reg. No.: |
04-2065 |
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CIN No.: [Company
Identification No.] |
U32201GJ1972PLC002065 |
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IEC No.: |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDP01133G |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Transmission Motors, Gear Up Pump, Equipment Automatic
Weighing Machine, Low level Conveyor, System Electric Magnetic Hoist. |
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 400000 |
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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. Directors are reported as experienced and respectable businessmen.
Trade relations are 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 : |
Post Box No.28, Vithal Udyognagar, Vallabh Vidyanagar-388121, Gujarat,
India |
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Tel. No.: |
91-2692-231070/ 31120/ 31170 |
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Fax No.: |
91-2692-46559/236559 |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. M.B. Patel |
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Designation : |
Managing Director |
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Date of Birth/Age : |
Honest House, Bakrol |
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Name : |
Mr. R.B. Shelat |
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Designation : |
Director |
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Name : |
Mrs. Jayaben M. Patel |
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Designation : |
Director |
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Address : |
Koshali Bungalow, Vidyanagar-Karamsad Road, Karamsad |
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Name : |
Mr. Bhanubhai I. Patel |
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Designation : |
Chairman |
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Address : |
Honest House, Bakrol Road, Ballabh Vidyanagar, Anand-388120, Gujarat,
India |
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Date of Birth/Age : |
17.03.1928 |
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Date of Appointment : |
05.12.2000 |
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Name : |
Mr. Prayasvin B. Patel |
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Designation : |
Managing Director |
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Address : |
Honest House, Bakrol Road, Ballabh Vidyanagar, Anand-388120, Gujarat,
India |
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Date of Birth/Age : |
03.04.1958 |
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Date of Appointment : |
31.10.1999 |
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Name : |
Mrs. K.A. Patel |
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Designation : |
Director |
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Name : |
Mrs. Kanisha B. Patel |
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Designation : |
Director |
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Address : |
Honest House, Bakrol Road, Ballabh Vidyanagar, Anand-388120, Gujarat,
India |
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Date of Appointment : |
30.06.1983 |
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Name : |
Mr. Dineshkumar M. Patel |
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Designation : |
Whole Time Director |
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Address : |
Trishal Plot No.151, B/H Rangoli Apartment, Karamsad Road, Vallabh
Vidyanagar, Anand-388120, Gujarat, India |
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Date of Birth/Age : |
10.05.1953 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Prashant Amin |
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Designation : |
Additional Director |
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Address : |
Shital, Bhikhabhai Marg, Vallabh Vidyanagar, Gujarat-388120, India |
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Date of Birth/Age : |
09.08.1956 |
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Date of Appointment : |
01.10.2006 |
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Other Directorships : |
v Emtici
Engineering Limited v Prayas Castings
Limited v Elecon
Information Technology Limited v Akaaish
Mechatronics Limited v Power Build
Elecon Gears Limited v V V N
Manufacturing and Investa Limited |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. J. M. Patel |
2670 |
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Emica Engineering Private Limited |
9960 |
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Mr. M.C. Patel |
375 |
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P.B. Invest & Trust |
5500 |
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Ms. Kanisha B. Patel |
20 |
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K.B. Investments Private Limited |
14700 |
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Mrs. Madhuben B. Patel |
318 |
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Bipro Investments Private Limited |
5000 |
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Emtici Engineering Limited |
9960 |
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Western Metal Caps Limited |
2 |
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Bipra Investment & Trusts Private Limited |
5000 |
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Jamko Consultants Private Limited |
2500 |
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Ms. Aishwarya P Patel |
3745 |
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Ms. Aakanksha P. Patel |
3755 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Transmission Motors, Gear Up Pump, Equipment Automatic
Weighing Machine, Low level Conveyor, System Electric Magnetic Hoist. |
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Products : |
v Automatic
Weighing cum Tipping/ Bag Filling Machine v Microprocessor
based Beltweighers/ Weighfeeders v Wagon Loader/
Truck Loaders v Electromagnetic Separators/
Suspension Electromagnets v Metal Detectors v Geared Motors v Electric Hoist v Power |
GENERAL
INFORMATION
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No. of Employees : |
About 100 |
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Bankers : |
State Bank of India, Specialised Commerical Branch, Jayalaxmi Plaza, Ganesh Crossing, Anand-388001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J.D. Zatakia & Company Chartered Accountants |
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Address : |
109, Vyapar Bhavna, 49, P.D’ Mello Road, Mumbai-400009, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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165000 |
Equity Shares |
Rs.100/-
each |
Rs.16.500
millions |
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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16.500 |
4.000 |
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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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85.990 |
85.644 |
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4] (Accumulated Losses) |
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0.000 |
(11.475) |
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NETWORTH |
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102.490 |
78.169 |
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LOAN FUNDS |
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1] Secured Loans |
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151.254 |
125.725 |
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2] Unsecured Loans |
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90.858 |
87.510 |
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TOTAL BORROWING |
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242.112 |
213.235 |
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DEFERRED TAX LIABILITIES |
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2.831 |
0.000 |
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TOTAL |
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347.433 |
291.404 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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133.388 |
144.009 |
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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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35.635 |
35.635 |
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DEFERREX TAX ASSETS |
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0.000 |
2.976 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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140.220 |
89.750 |
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Sundry Debtors |
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223.263 |
105.137 |
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Cash & Bank Balances |
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6.081 |
5.501 |
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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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38.903 |
22.307 |
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Total
Current Assets |
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408.467 |
222.695 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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220.079 |
107.009 |
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Provisions |
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9.978 |
7.735 |
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Total
Current Liabilities |
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230.057 |
114.744 |
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Net Current Assets |
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178.410 |
107.951 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.833 |
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TOTAL |
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347.433 |
291.404 |
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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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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.61 |
4.19 |
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Current Ratio (Current Asset/Current Liability) |
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1.77 |
1.94 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
POWER BUILD
LIMITED |
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Presented By |
POWER BUILD LIMITED |
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1) Date and description of instrument creating the change |
Memorandum of deposit of title deeds dated 15.03.1997 crating charge on land, buildings and erections thereon belonging to the company to secure various credit limits aggregating to Rs.46.500 millions. Deed if hypothecation of stock of raw materials, stock in process finished goods, stores, spares receivable etc. Dated 14.09.1992 as modified by supplemental deed of hypothecation dated 28.06.1995 and 27.11.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.54.596 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 |
Company’s entire stocks of raw materials, stok in process, finished goods stored, spares, book debts, receivables and other movable and immovable assets such as plant, machinery, land, building, furniture etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of State Bank of India having agreed to extend various credit and other facilities agreement by the company interalia, are as follows: The said assets shall be charged/ hypothecated to State Bank of India by way of first charge as security for payment by the company of State bank of India of all monies payable by the company to State Bank of India in discharge of all indebtedness or facilities of the company. Interest on Cash Credit will be charged as per the rate applicable for a Credit rating of SBV 4 currently at 2.50% over the State Bank advance rate. Interest on Term Loan will be charged as rate applicable to SBTL3 currently at 2.10% over State Bank Medium term lending Rate The company to duly repay to SBI amounts with interest and other monies such as liquidated damages, Compound interest and other expenses payable by the Company and secured by said assets. The Company to keep said goods in marketable and good condition and also keep insured as provided therein. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Specialized Commercial Branch, Jayalaxmi Plaza, Ganesh Crossing, Anand-388001 |
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6) Date and brief description of instrument modifying the charge |
From C-5 Letter dated 08.02.2003 regarding grant of individual limits including term loan of Rs.14 millions. |
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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. |
The charge has been increased from Rs.39.5 millions toRs.46.500 millions as per the From C-5 Letter regarding individual limits within overall limits dated 08.02.2003. The principal terms and conditions are as under : Interest @ 2.50% over SBAR Minimum 13.25% p.a. with monthly rests. 2.10% over SBMTLR minimum 13.35% p.a. at monthly rests. |
Website Details :
Established in 1972, Power Build Limited of Vallabh Vidyanagar, Gujarat,
India, pioneered the manufacturing
of Geared Motors in India.
During these two and half decades, Power Build has designed and implemented
several landmark projects in India as well as abroad. It has grown over the
years to be known as a pioneer in the field of mechanised Material Handling
Equipment in India. During the same period, Power Build has encompassed all the
major core sectors through its supplies of highly sophisticated equipment
bearing ample testimony of the symbolic mark of Power Build's unbeatable technology. Power Build has
thus, made its presence felt through consistent and satisfactory performance of
its equipment in core sectors like fertilizer,
cement, coal/power generation,
chemical, steel plants etc., across India.
Power Build manufactures a wide spectrum of
products for every application, using the latest state-of-the-art technology
under the supervision of experienced engineers trained at their collaborator’s
works and employing the most modern machinery including CNC machines of the
latest generation and maintaining uncompromising quality controls right from incoming raw materials up until
finished products leave the works. Nationwide
sales and service network ensure prompt after sales services at short notice.
PBL’s association with world leaders, each a pioneer in their respective field,
ensures undisputable assurance for highly reliable and quality products. A
large clientele including NFCL, BHEL, HLL, HDO, ECC, ZUARI AGRO, IPCL, GSFC,
GNFC, IFFCO, NIPPON DENRO, GRASIM, EPIL, CFCL, TCL, etc bears a testimony of
PBL quality. No wonder why more users insist on PBL products.
Power Build is among the first
few companies in India to have manufactured sophisticated equipment for Material Handling, Gears and Geared Motors. PBL product range includes design, engineering,
manufacture, supply, erection and commissioning of the
following :
MATERIAL
HANDLING PRODUCTS :
v
Belt Weigher
v
Weighfeeders
v
Automatic Weighing and Bagging Machine
v
Wagon Loader/ Truck Loaders
v
Overband Self Cleaning Electro Magnetic Separator
v
Metal Detectors
v
Electric Hoist
Facilities
MANUFACTURING FACILITIES :
Power Build Limited has a workshop area exceeding 10,000 sq. mtr. and
equipped with the latest Mazak, Mitshubishi and Excel CNC and NC machines,
tools, quality control and testing equipment for production of reliable
material handling and power transmission equipment.
Moreover, PBL regularly upgrades its workshop facilities to keep abreast
with latest technology. Performing in tandem with this superior technology is a
workforce of 175 employees working in various activities.
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.43.70 |
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UK Pound |
1 |
Rs.85.90 |
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Euro |
1 |
Rs.58.25 |
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 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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 |
|
53 |
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 |
|