MIRA INFORM REPORT

 

 

Report Date :

15.11.2007

 

IDENTIFICATION DETAILS

 

Name :

PRESSURE VESSELS (INDIA)

 

 

Registered Office :

J – 499, MIDC, Bhosari, Pune – 411026, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

1986

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners.

 

 

Line of Business :

Manufacturers of pressure vessels, shell and tube, heat exchangers, plate heat exchangers, distillation (plumps, drivers/silos etc.)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limit :

USD 12396

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed concern having satisfactory track. Trade relations are fair. Payments are correct and as per commitments.

 

The concern is doing well. It can be considered good for any normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

J – 499, MIDC, Bhosari, Pune – 411026, Maharashtra, India

Tel. No.:

91-20-27472430/27473020

Mobile No.:

91-9822007870

Fax No.:

91-20-27464754

E-Mail :

Iinfo@pvipune.com

Website :

http://www.pvipune.com

Area :

7000 sq. ft.

Location :

Owned

 

 

 

 

PARTNERS

 

Name :

Mr. S. S. Joshi

Designation :

Partner

Date of Birth/Age :

55 years

Qualification :

B.E.(Mechanical Graduate)

Experience :

25 years

 

 

Name :

Mr. M. N. Inamdar

Designation :

Partner

Date of Birth/Age :

45 years

Qualification :

B.E.(Graduate)

Experience :

25 years

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of pressure vessels, shell and tube, heat exchangers, plate heat exchangers, distillation (plumps, drivers/silos etc.)

 

 

Exports :

 

Countries :

·         U.A.E.

·         Norway

 

 

Imports :

 

Countries :

China

 

 

Terms :

 

Selling :

Contact

 

 

Purchasing :

Cash and Credit (30 days)

 

 

 

 

 

 

GENERAL INFORMATION

 

Customers :
  • Alstom
  • Hindustan Lever, Pune
  • Walchandnagar Industries
  • Larsen and Toubro, Mumbai
  • Aquatech Systems (Asia) Private Limited, Pune
  • Krupp Indutries, Pune
  • Kirloskar Pneumatics Company Limited, Pune
  • York International, Pune
  • Kirloskar Ebara, Kirloskarwadi
  • Alfa Laval, Pune
  • Deepak Nitrite Limited, Pune
  • Sulzer India Limited, Pune
  • Lon Exchange Limited, Mumbai
  • Thermax Limited, Pune
  • High Explosives Factory, Pune, Bhandara, Itarsi
  • Ordnance Factory, Kanpur, Chanda
  • DRDO, Hyderabad

 

 

No. of Employees :

46

 

 

Bankers :
  • Centurian Bank of Punjab Limited, Pimpri, Pune
  • State Bank of India, Deccan Gymkhana Branch, Pune

 

 

Facilities :

C/C approx Rs.5.000 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs.1.400 Millions

Borrowed :

Rs.5.000 Millions

Total :

Rs.6.400 Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

1.623

1.154

2] Reserves & Surplus

 

1.476

0.312

NETWORTH

 

3.099

1.466

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.610

0.769

2] Unsecured Loans

 

6.491

0.000

TOTAL BORROWING

 

7.101

0.769

 

 

 

 

TOTAL

 

10.200

2.235

 

 

 

 

FIXED ASSETS [Net Block]

 

2.831

1.933

 

 

 

 

INVESTMENT

 

0.100

0.090

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

1.567

6.425

 

Cash & Bank Balances
 

0.000

7.298

 

Other Current Assets
 

20.785

0.000

Total Current Assets
 

22.352

13.723

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

15.083

13.511

Total Current Liabilities
 

15.083

13.511

Net Current Assets
 

7.269

0.212

 

 

 

 

 

 

 

 

TOTAL

 

10.200

2.235

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Sales Turnover

 

10.373

6.317

Total Income

 

10.373

6.317

 

 

 

 

Profit/(Loss) Before Tax

 

1.476

0.312

Provision for Taxation

 

0.000

0.000

Profit/(Loss) After Tax

 

1.476

0.312

 

 

 

 

Earnings in Foreign Currency :

 

 

 

Total Earnings

 

0.000

5.000

 

 

 

 

Imports :

 

 

 

Total Imports

 

0.000

2.000

 

 

 

 

Expenditures :

 

 

 

Total Expenditure

 

8.575

6.317

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

PAT / Total Income

(%)
 

14.22

4.94

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

14.22

4.94

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

5.86

1.99

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.47

0.21

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

7.15

9.74

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.48

1.01

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Trade References:

 

 

Website details:

 

They are a team of experienced, well qualified engineers and skilled workforce having excellent track records in the design and manufacture of process equipments like

 

 

Subject has a fabrication shop of 7000 sq. ft. area & is equipped with modern Rolling/ Welding/ Machining and Handling Facilities. Due to high quality standards, subject has been approved by almost all national and international consultants and inspection agencies. Today almost 75% of vessels manufactured by subject are exported to countries like U.K., Singapore, Philippines, Taiwan, Turkey, Thailand, South Korea, UAE, Kazakhstan and many more.

 

Subject is fully geared up for supplying Coded Pressure Vessels, Heat Exchangers, or any process equipments to any corner of the world.

Subject is keenly interested in supplying quality fabrications to global markets and genuine enquiries are solicited in this area.

 

Pressure Vesssels

 

Codes and Specifications:

ASME, Sec. VIII Div.I (Latest Revision)

BS 5500, IS 2825, IS 803, API 600 or as per any other standard.

 

Specification:


Thickness: Upto 50 mm

Length: 20 mtrs. or more with field joints

Weights: Upto 60 tons

Diameter: Upto 5 mtrs.


Material of Construction:

 

 

Welding Facilities:

 

TIG / MIG / SMAW / FCAW / SAW facilities are used to produce highest quality equipments in shortest delivery period & at world's lowest prices. Qualified & highly skilled welders (as per ASME, IS) and extensive radiographic welding capability makes subject an ideal choice for all types of ASME Section VIII constructions.

Inspection Facilities:

 

Reputed laboratories / Industrial Services are attached to subject for carrying out physical & chemical testing of materials, radiography, ultrasonic testing, magnetic particle testing, helium leakage testing, post weld heat treatment, highest quality painting, sea worthy packing & shipment to any country of the world.

Approvals:

 

Subject has been approved by international inspection agencies like LLOYDS, EIL, UHDE, JACOBS H & G, ICB TECHNIMONT, KPG, BVIS, DNV, TOYT, SGS etc.



World-wide Clientele:

 

Subject has also become one of the largest producers of Tanks and Vessels required for water treatment which are exported to countries like U.K. Taiwan, Singapore, Turkey, Philippines etc.

 

Subvendors of

 

 

Code and Specifications:

 

Capacity

Upto 2000 M2 surface area.

Tube Sheet Drilling on Radial Drilling Machine or on CNC Machines

 

Accurate drilling in tube sheets up to 160mm thickness.


Welding capabilities include TIG/MIG/SMAW/FCAW, welding procedures approved by competent authorities. Qualified welders, extensive radiographic capability & excellent tube expansion facilities have kept subject ahead of others.

 

Subject can even replace the old tubes with the help of Modern Hydraulic tube pulling machines without cutting the tube sheets.

 

Subjects have wide range of Heat Exchangers in S.S (300 & 400 series). Copper and its alloys, Carbon Steel (including low temperature service) & other special metals.

 

Subject can also supply Air Cooled Heat Exchangers with Spiral Finned Tubes with different tube and fin material like Aluminium, Copper Carbon Steel, Stainless Steel etc.

 

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.39.33

UK Pound

1

Rs.81.70

Euro

1

Rs.57.67

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

57

 

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.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions