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MIRA
INFORM REPORT
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Report Date : |
25.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRIMA AUTOMATION (INDIA) PRIVATE LIMITED |
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Registered Office : |
Plot No. 793, Rakanpur, Taluka Kalol, Rakanpur – 382721, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.12.1998 |
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Com. Reg. No.: |
04-35233 |
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CIN No.: [Company
Identification No.] |
U31100GJ1998PTC035233 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMP00194F |
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PAN No.: [Permanent
Account No.] |
AABCP6889L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Control Penals |
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 870000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Financial position of the company is good. Payments are usually
correct and as per commitments. The company can be considered good for normal business dealings at
normal trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Ms. Rekha Rathod |
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Designation : |
Senior Marketing |
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Contact No.: |
91-9925472807 |
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Date : |
22.08.2008 |
LOCATIONS
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Registered Office / Factory : |
Plot No. 793, Rakanpur, Taluka Kalol, Rakanpur – 382721, Gujarat |
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Tel. No.: |
91-2764-286975 / 76 / 77 / 78 |
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Mobile No.: |
91-9925472807 |
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Fax No.: |
91-2764-268040 |
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E-Mail : |
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Website : |
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Area : |
12500 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mitin Ambalal Patel |
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Designation : |
Managing Director |
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Address : |
16, Vinayak Bunglows, Near Sola Crossing, Ghatlodia, Ahmedabad – 380
061, Gujarat, India |
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Date of Birth/Age : |
11.04.1958 |
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Qualification : |
B.E., IC |
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Experience : |
25 Years |
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Date of Appointment : |
31.12.1998 |
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Name : |
Mr. Vinod Vithaldas Patel |
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Designation : |
Executive Director |
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Address : |
12, Vinayak Bunglows, Near Sola Crossing, Ghatlodia, Ahmedabad – 380
061, Gujarat, India |
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Date of Birth/Age : |
30.05.1960 |
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Qualification : |
B.E. |
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Experience : |
20 Years |
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Date of Appointment : |
31.12.1998 |
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Name : |
Mrs. Javnika Mitin Patel |
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Designation : |
Director |
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Address : |
16, Vinayak Bunglows, Near Sola Crossing, Ghatlodia, Ahmedabad – 380
061, Gujarat, India |
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Date of Birth/Age : |
15.02.1961 |
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Date of Appointment : |
24.03.1999 |
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Name : |
Mrs. Pushpa Vinod Patel |
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Designation : |
Director |
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Address : |
12, Vinayak Bunglows, Near Sola Crossing, Ghatlodia, Ahmedabad – 380
061, Gujarat, India |
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Date of Birth/Age : |
01.06.1963 |
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Date of Appointment : |
24.03.1999 |
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Name : |
Mr. Ambalal Tribhuvandas Patel |
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Designation : |
Director |
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Address : |
16, Vinayak Bunglows, Near Sola Crossing, Ghatlodia, Ahmedabad – 380
061, Gujarat, India |
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Date of Birth/Age : |
01.08.1928 |
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Date of Appointment : |
24.03.1999 |
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Name : |
Mrs. Shantaben V Patel |
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Designation : |
Director |
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Address : |
12, Vinayak Bunglows, Near Sola Crossing, Ghatlodia, Ahmedabad – 380
061, Gujarat, India |
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Date of Birth/Age : |
30.05.1960 |
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Date of Appointment : |
24.03.1999 |
KEY EXECUTIVES
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Name : |
Mr. Naveen Kumar Mandovara |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Mitin Ambalal Patel |
424000 |
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Vinod Vithaldas Patel |
425000 |
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Javnika Mitin Patel |
58400 |
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Pushpa Vinod Patel |
58400 |
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Shantaben V Patel |
11600 |
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Ambalal Tribhuvandas Patel |
11600 |
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Mitin Ambalal Patel HUF |
5000 |
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Vinod Vithaldas Patel HUF |
5000 |
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Jayaben Ambalal Patel |
1000 |
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Total |
1000000 |
List of Allottees
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Names of Allottees |
No. of Shares |
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Mitin Ambalal Patel |
683400 |
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Javnika Mitin Patel |
41600 |
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Harshvardhan Mitin Patel |
25000 |
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Vinod Vithaldas Patel |
675000 |
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Pushpa Vinod Patel |
41600 |
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Kartik Vinod Patel |
25000 |
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Vinod Vithaldas Patel HUF |
5000 |
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Shantaben V Patel |
3400 |
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Total |
1500000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Control Penals |
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Exports : |
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Countries : |
·
USA ·
Malaysia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany |
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Terms : |
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Selling : |
L/C - Depends upto Customer |
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Purchasing : |
Cash and Credit (30 days / 60 days / 90 days) – Depends upto Supplier |
GENERAL
INFORMATION
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Customers : |
·
Project Base Oem Customers ·
Suzlon Energy Limited ·
Supernova Engineers Limited ·
Gujarat Apollo Equipments Limited ·
Max Machinery Mfg. Private Limited ·
Goel Scientific Glass Limited ·
Thartech Technologies, USA Project Customers ·
Ahmedabad Electricity Company Limited ·
Modtech Machines (Private) Limited ·
Saurashtra Chemicals Limited ·
SWA Systems ·
Gujarat Gas Co. Limited ·
The Andhra Sugar Limited ·
ESSAR Steel Limited |
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No. of Employees : |
250 |
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Bankers : |
State Bank of India Specialized Commercial Branch, Near Gandhigram Railway Station,
Ahmedabad – 380 009, Gujarat, India |
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Facilities : |
CC Term Loans |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pipara and Company Chartered Accountants |
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Address : |
104, N R House, Near Popular House, Ashram Road, Ahmedabad – 380 009,
Gujarat, India |
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Associates/Subsidiaries : |
·
Prima Automation India Private Limited (Unit II), Plot No. 810,
Rakanpur Line
of Business: Wind Mill Panel ·
Prima Transformers Private Limited (III Unit) |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
163.639 |
77.061 |
39.436 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
173.639 |
87.061 |
49.436 |
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LOAN FUNDS |
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1] Secured Loans |
5.282 |
20.170 |
21.354 |
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2] Unsecured Loans |
13.658 |
12.490 |
17.170 |
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TOTAL BORROWING |
18.940 |
32.660 |
38.524 |
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DEFERRED TAX LIABILITIES |
3.883 |
2.689 |
1.749 |
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TOTAL |
196.462 |
122.410 |
89.709 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.238 |
47.748 |
24.808 |
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Capital work-in-progress |
0.000 |
0.000 |
1.382 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
29.259
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74.563 |
18.667 |
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Sundry Debtors |
101.726
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115.626 |
101.853 |
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Cash & Bank Balances |
80.722
|
3.174 |
34.373 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
52.217
|
38.950 |
9.363 |
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Total
Current Assets |
263.924
|
232.313 |
164.256 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
80.197
|
124.001 |
90.637 |
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Provisions |
45.503
|
33.650 |
10.100 |
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Total
Current Liabilities |
125.700
|
157.651 |
100.737 |
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Net Current Assets |
138.224
|
74.662 |
63.519 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
196.462 |
122.410 |
89.709 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
1337.814 |
1105.767 |
525.217 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
1337.814 |
1105.767 |
525.217 |
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Profit/(Loss) Before Tax |
136.939 |
61.924 |
29.562 |
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Provision for Taxation |
46.940 |
21.562 |
10.451 |
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Profit/(Loss) After Tax |
89.999 |
40.362 |
19.111 |
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Expenditures : |
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Depreciation & Amortization |
3.287 |
1.854 |
1.181 |
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Other Expenditure |
1197.588 |
1041.989 |
494.474 |
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Total Expenditure |
1200.875 |
1043.843 |
495.655 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.73
|
3.65 |
3.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.24
|
5.60 |
5.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
42.51
|
22.11 |
15.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.79
|
0.71 |
0.60 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.83
|
2.19 |
2.82 |
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Current Ratio (Current Asset/Current Liability) |
|
2.10
|
1.47 |
1.63 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered Address of the company has been
shifted from 16, Vinayak Bunglow, Near Sola Railway Crossing, Sola Road, Ahmedabad
– 380 061, Gujarat, India to the present address with effect from 11.09.2006
History
In 1999 with the ever-ensured aim of Quality Consciousness, Subject got the prestigious ISO 9001 Certification from KPMG
(USA). The quality system is applicable to Design, Manufacture and Supply of
Electrical and Electronic control panels, PLC and Microprocessor based panels,
test and calibration benches and special panels including PCC and LT Bus Ducts.
Subject have been enlisted with
Engineers India Limited (EIL) as approved manufacture for the control panel and
desk for package equipment. Subject
is also approved by some of the reputed consultants in India.
The organization takes a problem solving approach for a complete or
semi-automation system to suit the client’s basic need. With well set up of
Design and RandD Engineering Departments, the products are updated to keep pace
with the latest technology with National and International Standards along with
an exhaustive database on various subjects and products. Computerized Network
System ensures efficiency in coordination between various departments and with
clients as well.
Subject offers custom-built
systems and Import Substitution solutions. Many of the products are “Import
Substitution”, indigenously designed, tested and field proven. In the era of
sophisticated information society, subject
skillfully combines design technology; PLC and SCADA based special software,
which are prepared for each Automation system.
Subject has developed control panels
as import substitution for OEMs from various industries like Windmill,
Earthmoving Equipment, Printing, Pharmaceuticals, Textiles, Plastic,
Compressor, Oil and Gas etc. which are successfully commissioned at various
sites. Subject has also exported
control panels to U.S.A., U.K., Australia, China, Romania, Malaysia, Nigeria,
Zambia, Pakistan, Taiwan, Nepal, Korea, and Mauritius.
As time passes subject has recorded its growth exponentially. The last year’s
sales growth was 200%. Subject has dispatched about 2200 panels last year.
Subject has manufacturing unit at Rakanpur having about 13,000 Sq. Meters of plant area- the
largest manufacturing plant of its kind in India for Control Panel
Manufacturing.
Recently Subject has established its new plant as Prima Automation Private Limited, UNIT-II, Wind Energy Controls
Division at Santej near to its first unit having about 8,000 Sq. Meters plant area provided with latest Assembly and
other departments like Production, QC, Design, and Marketing etc.
Subject has got Excellence Awards for Best SSI Unit for the year 2001 from
“Federation of Gujarat Industries.
Towards the Race of Quality Subject has updated its Quality Policy and got ISO 9001:2000 from BVQI, London.
Trade References
·
Bharat Pumps and Compressor, Ahmedabad
·
Suzlon Energy Limited, Daman
·
Gujarat Apollo Limited, Gujarat
·
Apollo Earth Mover, Gujarat
Form No. 8
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Name of the company |
PRIMA AUTOMATION (INDIA) PRIVATE LIMITED |
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Presented By |
Mr. Mitin A Patel
(Director) |
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1) Date and description of instrument creating the change |
General agreement
for cash credit and Term loan, dated 30.07.1999 and Memorandum of entry dated
30.07.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.800 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 |
Stock of raw
materials, stock in process and finished goods, receivables, plant and
machinery, furniture and fixtures, office equipments and office premises at
501, Shapath Complex, Opp. Rajpath Club, sarkhej, Gandhinagar highway,
Ahmedabad. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 15.50%
p.a. with quarterly rates. Margin on Raw Material – 25%, Stock in Progress –
40%, Finished Goods – 40% and Book debts – 50% (Cover 90 days) |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Specialized Commercial Branch, Gandhigram, Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Supplemental
General agreement for the grant of small industrial advances and
hypothecation of goods, Book debts and other assets dated 20.06.2005 |
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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. |
Bank charge of
hypothecation now further modified vide Supplemental General agreement dated
20.06.2005 enhancing the credit limit from Rs.23.500 millions to Rs.116.000
millions by sanction of additional finance assistance of Rs.92.500 millions.
The limits covered are as under :
With two-way interchangeability
up to Rs.10.000 millions between cash credit and Usance Bill Discounting
limit Therefore total
charge of hypothecation extended from existing level of Rs.23.500 millions to
Rs.116.000 millions. Margin: @ 25 percent on
raw materials @ 40 percent on
Stock in process @ 40 percent on
finished goods @ 50 percent on
receivables (Cover period 90 days) @ 25 percent on
Letter of Credit @ 25 percent on
Bank Guarantee Interest on cash
credit @ SBAR with minimum of 10.25% p.a. with monthly rests. (Interest,
subject to upward change in SBAR (Presently 10.25%) and upward spread over
SBAR). Other terms and
conditions as per sanction letter enclosed herewith. |
|
Corporate
identity number of the company |
U31100GJ1998PTC035233 |
|
Name of the
company |
PRIMA AUTOMATION (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 793, Rakanpur, Taluka Kalol, Rakanpur – 382721, Gujarat,
India |
|
This form is for |
Modification of
charge |
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Type of charge |
Others |
|
Particular of
charge holder |
State Bank of India Specialized Commercial Branch, Near Gandhigram Railway Station,
Ahmedabad – 380 009, Gujarat, India |
|
Nature of
instrument creating charge |
Agreement of Loan
cum Hypothecation |
|
Date of
instrument Creating the charge |
07.02.2008 |
|
Amount secured by
the charge |
Rs.182.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest As per Agreement of Loan cum Hypothecation ·
Terms of
repayment As per Agreement of Loan cum Hypothecation ·
Margin As per Agreement of Loan cum Hypothecation ·
Extent and
operation of the charge As per Agreement of Loan cum Hypothecation |
|
Particulars of the
property charged |
As per Agreement
of Loan cum Hypothecation |
|
Particulars of
the present modification |
As per Agreement
of Loan cum Hypothecation |
Web Details
Profile
Subject is an ISO 9001:2000
company - one of the quality panel builders and automation solution
providers in India run by highly experienced technocrats. The company was
established in 1983 as a consultancy organization namely Mivi Engineers And Contractors
catering the services mainly to erection and commissioning of Instrumentation /
Electrical panels / Systems for Turbo Generators, Centrifugal Compressors,
Boilers, Turbine and Process Plants.
Resounding
success in providing consultation services provided the confidence and base to
set up an in-house manufacturing unit - Prima
Electronics - at Gota, Ahmedabad in 1989 to manufacture these products
and thus provide turnkey solution to various industrial sectors.
In
the professional journey of two decades, Subject has expanded to match global vision
and progressed forward steadily through up-gradation of technology and
consolidation programs to further strengthen its capabilities.
“Innovation and forward thinking are key words in
Business Enterprises, that is why they have chosen the demanding area of
Industrial Automation. An area where challenges are many and solutions
difficult, where one is not just selling a product, but a Concept, a whole new
way of thinking.”
Over
the years subject has developed the capacity of meeting the most demanding specifications
and got converted into a Private Limited Company as Subject in 1999.
Subject
is an organization in the field of manufacturing of control panels with PC, PLC
and SCADA based systems for the automation of various plant and machineries of
many industries, Micro-Controller based panels and Special panels for hazardous
area application like Flameproof, Pressurized and Intrinsically safe and many
other control components. Subject is the Authorized System House of M/S Siemens Limited for their Automation
and Drive products.
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.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|