MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MICRO VALVES INDIA PRIVATE LIMITED |
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Registered Office : |
4 B/14 Tilak Nagar, New Delhi – 110018 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.07.1987 |
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Com. Reg. No.: |
55-28611 |
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CIN No.: [Company
Identification No.] |
U74899DL1987PTC028611 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTM01196G |
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PAN No.: [Permanent
Account No.] |
AAACM0063G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of Manufacturer, Dealers, Buyers, Sellers, Importers,
Exporters, Engineers and Agents of all types of high quality industrial and
Non Industrial, Boiler and Engine Valves including Castings and machine
thereof |
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 10000 |
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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 : |
4 B/14 Tilak Nagar, New Delhi – 110018, India |
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Tel. No.: |
91-11-25994301 |
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Fax No.: |
91-20-2422767 |
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E-Mail : |
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Website : |
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Factory 1 : |
A – 46, Sector – VI, Noida – 201301, Uttar Pradesh |
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Tel. No.: |
91-120-2422229/91-11-23264638/39 |
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Fax No.: |
91-120-2422767 |
DIRECTORS
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Name : |
Mr. Gurvinder Singh Jolly |
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Designation : |
Director |
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Address : |
3B/9 Sant Gadge Marg, Rajinder Nagar, New Delhi – 110060 |
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Date of Birth/Age : |
13.10.1943 |
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Date of Appointment : |
22.10.1998 |
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Name : |
Mr. Ranjit Singh Jolly |
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Designation : |
Director |
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Address : |
3B/9 Sant Gadge Marg, Rajinder Nagar, New Delhi – 110060 |
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Date of Birth/Age : |
02.10.1947 |
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Date of Appointment : |
08.05.1999 |
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Name : |
Mr. Vikramjit Singh Jolly |
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Designation : |
Director |
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Address : |
3B/9 Sant Gadge Marg, Rajinder Nagar, New Delhi – 110060 |
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Date of Birth/Age : |
09.08.1976 |
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Date of Appointment : |
08.05.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Jolly Singh Gurvinder |
41750 |
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Mr. Jolly Singh Ranjit |
41750 |
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Mr. Jolly Singh Vikramjit |
11100 |
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Ms. Jolly Mohini Inder |
4500 |
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Mr. Jolly Kavr Arvinder |
4000 |
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Mr. Jolly Singh Gurvinder (HUF) |
1750 |
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Mr. Jolly Singh Ranjit (HUF) |
1750 |
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Ms. Aggarwal Mansi |
100 |
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M/s. Master Holding Private Limited |
55000 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of Manufacturer, Dealers, Buyers, Sellers, Importers,
Exporters, Engineers and Agents of all types of high quality industrial and
Non Industrial, Boiler and Engine Valves including Castings and machine
thereof |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
Canara Bank, P S Road, Karol Bagh, New Delhi – 110005 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Surendra Subhash & Company Chartered Accountant |
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Address : |
2nd Floor, Bansi House, 1/24, Asaf Ali Road, New Delhi –
110002 |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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240000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.400
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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161700 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.617
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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1.617 |
1.617 |
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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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0.429 |
0.236 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.046 |
1.853 |
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LOAN FUNDS |
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1] Secured Loans |
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0.296 |
0.093 |
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2] Unsecured Loans |
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1.584 |
1.465 |
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TOTAL BORROWING |
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1.880 |
1.558 |
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DEFERRED TAX LIABILITIES |
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0.090 |
0.107 |
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TOTAL |
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4.016 |
3.518 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.904 |
1.020 |
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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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0.000 |
0.000 |
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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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3.289 |
1.766 |
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Sundry Debtors |
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0.303 |
1.261 |
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Cash & Bank Balances |
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0.581 |
0.399 |
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Other Current Assets |
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0.036 |
0.020 |
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Loans & Advances |
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0.209 |
0.121 |
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Total
Current Assets |
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4.418 |
3.567 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.174 |
0.954 |
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Provisions |
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0.132 |
0.115 |
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Total
Current Liabilities |
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1.306 |
1.069 |
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Net Current Assets |
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3.112 |
2.498 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4.016 |
3.518 |
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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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4.729 |
4.620 |
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Other Income |
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0.113 |
0.051 |
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Total Income |
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4.842 |
4.671 |
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Profit/(Loss) Before Tax |
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0.325 |
0.448 |
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Provision for Taxation |
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0.132 |
0.115 |
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Profit/(Loss) After Tax |
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0.193 |
0.333 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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1.521 |
(0.202) |
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Financial Charges |
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0.163 |
0.170 |
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Depreciation & Amortization |
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0.141 |
0.172 |
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Other Expenditure |
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3.909 |
3.539 |
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Total Expenditure |
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5.734 |
3.679 |
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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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3.98 |
7.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.71 |
9.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.11 |
9.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.55 |
1.41 |
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Current Ratio (Current Asset/Current Liability) |
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3.38 |
3.33 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
MICRO VALVES INDIA PRIVATE LIMITED |
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Presented By |
Canara Bank, P S Road, Karol Bagh, New Delhi – 110005 |
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1) Date and description of instrument creating the change |
Agreement re –
Collateral Security – Machinery Vehicles dated 30.01.2001 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.300
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 plant and machineries , tools and accessories and motor vehicles tools
and accessories already purchased described at A – 46, Sector – 6, Noida or
at any other place wheresoever and the machinery and motor vehicles etc. to
be purchased hereafter |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
The above is to
secure a OD Clean limit of Rs. 0.300 Millions granted to the company Interests is to
be charged of 16.25% by the bank from time to time |
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5) Name and Address and description of the person entitled to the
charge. |
Canara Bank, P S Road, Karol Bagh, New Delhi – 110005 |
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6) Date and brief description
of instrument modifying the charge |
Not Available |
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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 Available |
As per website Details
Profile
Based in Noida, Micro Valves India Private Limited is one of the leading business houses in the field of Industrial Valves, Process Instruments and Pneumatics. They are fully geared to execute manufacturing, exporting and importing of wide spectrum of industrial valves like Cast Steel Globe Valves, Cast Steel Lift Check Valves, Cast Steel Gate Valves, Cast Iron Globe Valves, Cast Iron Non-Return Valves, Cast Iron Sluice Valves, Ball Valves, Forged Steel Valves, Needle Valves and Strainers, Flame Arrestor, Liquid Level Gauges, Sight Flow Indicators, IBR approved Fittings and Boiler Mountings, Pressure, Temperature Charts and Cast Iron Pulp Valves and Cast Iron Plug Valves. The company in association with qualified personnel in the line for over three decades in the relevant field, provides high quality products to meet the ever-increasing demands of such products in the Indian industry. Encouraged by the trust and support of their clients, they are determined to spread their wings and cater to the buyers in the international market.
Hitech Cast Steel Valves serve the power, petrochemicals, refineries, chemicals and a host of industries. They also provide their customers with valves of High quality for low and medium pressure as well as high temperature services. Their manufactured valves combines two essential features like Higher Efficiency and Lower Maintenance. With stringent quality control measures and improved features, these valves provide the economy of quality, in terms of long reliable service. Their specialization lies in application of RUST CONVERTOR on the valves. They are constantly probing, testing new techniques of manufacturing and designing to make these valves perform efficiently with greater economy. This Rust Convertor is ideally suitable for the applications such as corrosion resistant in Steam, Humid Atmosphere, Marine Atmosphere, Industrial Atmosphere and Chemical Atmosphere.
Their Infrastructural base is the best with all sorts of equipments and machineries. They are fully equipped with state-of-the-art workshop and almost all the sophisticated instruments to check the quality of the products. They have an incredible capacity to manufacture products in proportion to the requirements. Besides, they boast of a highly skilled as well as dedicated manpower that is their main driving force. A professional team comprising of technicians have been engaged and entrusted to implement Quality Control Programs and continuously improve the technology. The company is constantly upgrading its technology through strict inspection and Quality Control Programs.
Their advance International Design ensures Easy Installation and Maintenance, Leak-Proof Sealing, Smooth Straight-Through Flow with a minimum pressure drop, Replacement of Packing when valve in operation, Trouble free Service, Stellited Seating. Their commitment to produce the best is backed with sophisticated equipments, highly skilled technicians, strict material selection, rigid quality checks and above all, their continuous research for improvement and innovation in Valve technology.
Their Product Range
The values which they possess are integrity, reliability, innovation and customer focus that has earned us an invaluable goodwill in the domestic and international markets. All their products are specially made as per the customer specifications, which are the landmarks in the companies list of achievements. Their broad range of products include:
- Cast Steel Globe Valves
- Cast Steel Lift Check Valves
- Cast Steel Gate Valves
- Cast Iron Globe Valves
- Cast Iron Non-Return Valves
- Cast Iron Sluice Valves
- Ball Valves
- Forged Steel Valves
- Needle Valves and Strainers
- Flame Arrestor
- Liquid Level Gauges
- Sight Flow Indicators
- IBR Approved Fittings and Boiler Mountings
- Pressure/ Temperature Chart
- Cast Iron Pulp Valves
- Cast Iron Plug Valves
Commitment to Quality
Their
commitment to produce the best is backed with sophisticated equipment, highly skilled
technicians, strict material selection, rigid quality checks and above all
their continuous research for improvement and innovation in valve technology.
Cost Saving Design Features
Their advance international design ensures:
- Easy
installation and maintenance
- Leak Proof
Sealing
- Smooth
Straight throughout flow with a minimum pressure drop
- Replacement
of packing when valve is in operation
- Trouble free
service
- Stellited
Seating, as optional
While ordering please indicate:
v Size of Valve
v Type of Valve
v Working Pressure
v Working Temperature
v Material of Construction
v Inspecting Authority
v Drilling Standard
v Valve Construction Standard
v Material of Construction
v Other requirement if any
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.43.47 |
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UK Pound |
1 |
Rs.83.36 |
|
Euro |
1 |
Rs.57.89 |
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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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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 |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
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 |
|