MIRA
INFORM REPORT
|
Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PERFECT VALVES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Mohalla Kot, Basti Sheikh, Jalandhar – 144002, Punjab |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1st January,1995 |
|
|
|
|
Com. Reg. No.: |
016179 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28994PB1995PTC016179 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
JLDP00193E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Cocks and Valves |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 2140 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small company having satisfactory track
records. Directors are reported as experienced and respectable businessmen. Trade
relations are reported fair. Business is active; Payments are however
reported as usually correct and as per commitments. The company can be considered
for small business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Mohalla Kot, Basti Sheikh, Jalandhar – 144002, Punjab, India |
|
Tel. No.: |
91-181-5057800/2203036 |
|
Fax No.: |
91-181-2430818 |
|
E-Mail : |
DIRECTORS
|
Name : |
Rekha Sehgal |
|
Designation : |
Director |
|
Address : |
99/3, Central Town, Jalandhar- 144001, Punjab, India |
|
Date of Birth/Age : |
15.04.1970 |
|
Date of Appointment : |
07.01.1997 |
|
Email: |
|
|
|
|
|
Name : |
Vivek Sehgal |
|
Designation : |
Director |
|
Address : |
99/3, Central Town, Jalandhar- 144001, Punjab, India |
|
Date of Birth/Age : |
06.01.1969 |
|
Date of Appointment : |
01.04.1995 |
|
Email: |
|
|
|
|
|
Name : |
Kiran Sehgal |
|
Designation : |
Director |
|
Address : |
99/3, Central Town, Jalandhar- 144001, Punjab, India |
|
Date of Birth/Age : |
31.07.1947 |
|
Date of Appointment : |
07.01.1997 |
|
Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
M/s J K Sehgal, HUF |
|
900 |
|
Mr. Vivek Sehgal |
|
2100 |
|
Ms. Kiran Sehgal |
|
5 |
|
Ms. Rekha Sehgal |
|
5 |
|
Total |
|
3010 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of Cocks and Valves |
GENERAL
INFORMATION
|
Bankers : |
v
Canara Bank,
M. C. Chowk, Jalandhar – 144001, Punjab, India v
HDFC Bank
Limited |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R. P. Gupta and Associates Chartered Accountants |
|
Address : |
86, Nehru Garden Road, Jalandhar – 144001, Punjab, India |
|
Tel. No.: |
91-181-2458095/ 4622095 |
|
Email: |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000 |
Equity shares |
Rs.100/- each |
Rs.0.400 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3010 |
Equity shares |
Rs.100/-
each |
Rs.0.301
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.301 |
0.301 |
0.301 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.234 |
0.003 |
(0.030) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
0.535 |
0.304 |
0.271 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.738 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3.029 |
3.650 |
3.638 |
|
|
TOTAL BORROWING |
3.767 |
3.650 |
3.638 |
|
|
DEFERRED TAX LIABILITIES |
0.091 |
0.074 |
0.054 |
|
|
|
|
|
|
|
|
TOTAL |
4.393 |
4.028 |
3.963 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.208 |
2.241 |
1.494 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.622 |
1.622 |
0.364 |
|
|
Sundry Debtors |
1.097 |
1.097 |
1.649 |
|
|
Cash & Bank Balances |
0.109 |
0.109 |
0.142 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
0.245 |
0.245 |
0.593 |
|
Total
Current Assets |
3.073 |
4.700 |
2.748 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.822 |
0.822 |
0.273 |
|
|
Provisions |
0.066 |
0.066 |
0.006 |
|
Total
Current Liabilities |
0.888 |
2.913 |
0.279 |
|
|
Net Current Assets |
2.185 |
1.787 |
2.469 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4.393 |
4.028 |
3.963 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
Sales Turnover |
9.989 |
7.671 |
4.058 |
|
Other Income |
0.050 |
0.000 |
0.000 |
|
Total Income |
10.039 |
7.671 |
4.058 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.314 |
0.077 |
0.072 |
|
Provision for Taxation |
0.082 |
0.044 |
0.031 |
|
Profit/(Loss) After Tax |
0.232 |
0.033 |
0.041 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.31
|
0.43 |
1.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.14
|
1.00 |
1.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.94
|
1.10 |
1.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.25 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.70 |
21.68 |
14.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.46 |
1.61 |
3.46 |
LOCAL AGENCY
FURTHER INFORMATION
FROM
8
|
Corporate
identity number (CIN) Foreign company registration number |
U28994PB1995PTC016179 |
|
Name of the
Company |
PERFECT VALVES
PRIVATE LIMITED |
|
Address |
Kot Mohalla, Basti Sheikh, Jalandhar – 144002, Punjab, India |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
v
Book debts v
Movable
property (not being pledge) |
|
Particulars of
the charge holder |
Canara Bank B. M. C. Chowk,
Jalandhar – 144001, Punjab, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Cash Credit
Agreement |
|
Date of the
instrument creating or modifying the charge |
05.06.2007 |
|
Amount secured by
the charge |
Rs.2.000 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
v
Rate of
interest - 12% p.a. v
Terms of
repayment – On demand v
Margin – 25%
against stock v
40% against
Book debts v
Extent and
operation of the charge – 100% |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
stock of raw material, goods in process and finished goods such as values and
cocks and other pipe fittings laying at company premises Kot Mohalla, Basti Sheikh,
Jalandhar and book debts of the company. The charge is future secured EMT of
property in the name of M/s perfect valves private limited and Mr. Vivek
Sehgal situated at BX/235/2569, Mohalla Kot, Jalandhar Rs.102.79 Lacks
measuring 88.5 Marla’s Personal
Gurantee:
|
|
Presented By |
|
|
1) Date and description of instrument creating the change |
13.08.1998 Cash Credit
Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.350 Million |
|
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 stock
such as raw material, goods in process of manufactured and all finished and
manufacturer goods and articles such as required for manufacturing industrial
values lying at factory premises situated at Kot Mohalla, Basti Sheikh,
Jalandhar. The charge will be further secured by collatral secured of
machineries of all kinds kept in the premises of the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Above RBI rate with
minimum 15.30% p.a.
|
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, BMC Chowk
Jalandhar City |
Company Profile:
Subject is an ISO 9001-2000 company and is one
of the world’s fastest growing companies. Company director is Mr. Vivek Sehgal.
Being a chemical engineer he basically tried to explore the typical
requirements of values in chemical in resilient seated values by innovating
best combination of rubber with high precision values.
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.39.35 |
|
UK Pound |
1 |
Rs.80.52 |
|
Euro |
1 |
Rs.57.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|