MIRA
INFORM REPORT
|
Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PHENIX VARCO PRUDEN – DIVISION OF M AND B ENGINEERING PRIVATE LIMITED |
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Registered Office : |
51 M B House, Chandrodaya Society, Sadium Road, Ahmedabad – 380114, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.06.1981 |
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Com. Reg. No.: |
004437 |
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CIN No.: [Company
Identification No.] |
U45200GJ1981PTC004437 |
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IEC No.: |
0800009631 |
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PAN No.: [Permanent
Account No.] |
AAACM7930Q |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer, Trader, Importer and Services Provider of ‘Proflex’ Roofing
System and ‘Phenix’ Pre-Engineered Metal Building. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 231252 |
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Status : |
Good |
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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 fine track.
Trade relations are fair. Business is active. General financial position is satisfactory.
Fundamentals are strong and healthy. Payments are reported as usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Keyur Shah |
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Designation : |
GM – Finance and Accounts |
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Contact No.: |
91-9327547188 |
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Date : |
06.02.2008 |
LOCATIONS
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Registered Office : |
51 M B House, Chandrodaya Society, Stadium Road, Ahmedabad – 380114, Gujarat, India |
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Tel. No.: |
91-79-6405563/26461314 |
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Mobile No.: |
91-9327547188/ 9825576862 |
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Fax No.: |
91-26400828 |
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E-Mail : |
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Website : |
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Area : |
15000 sq. ft. |
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Location : |
Owned |
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Factory : |
Plot No. 30 P, Village Naranpura, Taluka Sanand, District Ahmedabad -
382213 |
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Tel. No.: |
91-79-26405572 |
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Fax No.: |
91-79-26400828 |
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E-Mail : |
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Website : |
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Area : |
20 Acres |
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Location : |
Owned |
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Marketing Office : |
Ahmedabad Tel No : 91-09327104142 Email : asingh@phenixvarcopruden.com Pune Tel No.: 91-09371571119 Email : kdeshpande@phenixvarcopruden.com Chennai Tel No.: 91-09363255773 Email : skumar@phenixvarcopruden.com Delhi Tel No.: 91-09313175011 Email : rjain@phenixvarcopruden.com Mumbai Tel No.: 91-09322874003 Email : rpawar@phenixvarcopruden.com Hyderabad Email : apanda@phenixvarcopruden.com Chandigarh Tel No.: 91-09317766881 Email : mjethi@phenixvarcopruden.com |
DIRECTORS
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Name : |
Mr. Manibhai S. Patel |
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Designation : |
Director |
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Address : |
7, Friends Colony, Naranpura, Ahmedabad - 382213 |
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Date of Birth/Age : |
82 years |
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Experience : |
62 years |
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Name : |
Mr. Manubhai S. Patel |
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Designation : |
Director |
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Address : |
61, Krishna Housing Society, Anand |
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Date of Birth/Age : |
80 years |
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Experience : |
60 years |
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Name : |
Mr. Hasmukhbhai S. Patel |
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Designation : |
Director |
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Address : |
7, Friends Colony, Naranpura, Ahmedabad - 382213 |
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Date of Birth/Age : |
72 years |
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Qualification : |
B.E. Civil and Electricals |
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Experience : |
52 years |
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Name : |
Mr. Chirag H. Patel |
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Designation : |
Director |
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Address : |
7, Friends Colony, Naranpura, Ahmedabad – 382213 |
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Date of Birth/Age : |
36 years |
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Qualification : |
B.E. Civil |
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Experience : |
16 years |
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Name : |
Mr. Girishbhai M. Patel |
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Designation : |
Director |
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Address : |
Nisarg Farm, Opp. ACE Tennis Club, B/h Karnavati Club, Ahmedabad |
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Date of Birth/Age : |
60 years |
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Qualification : |
Diploma in Hydraulic Engineering |
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Experience : |
41 years |
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Name : |
Mr. Malav Girishbhai Patel |
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Designation : |
Director |
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Address : |
Nisarg Farm, Opp. ACE Tennis Club, B/h Karnavati Club, Ahmedabad |
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Date of Birth/Age : |
31 years |
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Qualification : |
B.B.A. |
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Experience : |
10 years |
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Name : |
Mr. Vipin Kantilal Patel |
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Designation : |
Director |
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Address : |
2, Nandanvan, Near, Shyamvihar, Opp. Devvihar, Thaltej-Shilaj Road,
Ahmedabad |
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Date of Birth/Age : |
59 years |
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Qualification : |
B.Com Inter CA |
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Experience : |
37 years |
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Name : |
Dr. V. R. Rajan |
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Designation : |
Director |
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Address : |
B/32, Shaligram, Near Umiya Vijay, Satelitte, Ahmedabad |
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Date of Birth/Age : |
59 years |
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Qualification : |
BE House, MBA – Business Management; Ph.D. |
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Experience : |
34 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Manibhai S. Patel |
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7000 |
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Mr. Manubhai S. Patel |
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6000 |
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Mr. Hasmukhbhai S. Patel |
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7000 |
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Mr. Chirag H. Patel |
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12500 |
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Mr. Girishbhai M. Patel |
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3500 |
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Mrs. Umaben Girishbhai Patel |
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2000 |
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Mr. Malav Girishbhai Patel |
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7000 |
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Mr. Vipin Kantilal Patel |
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2500 |
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Mrs. Leenaben Vipinbhai Patel |
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1000 |
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Mr. Aditya Vipin Patel |
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1500 |
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Total |
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50000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Importer and Services Provider of ‘Proflex’
Roofing System and ‘Phenix’ Pre-Engineered Metal Building. |
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Imports : |
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Products : |
Steel Coils |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30-60 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
Actual
Production |
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Proflex Steel |
SQM |
Fy 06-08 -
336898 |
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SQM |
Fy 07-08 -
290206 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
190 (40 – Office and 150 – Factory) |
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Bankers : |
Bank of Baroda, Bhadra Branch, Ahmedabad |
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Banking Relations
: |
Satisfactory |
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Auditors : |
Not Available |
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Associates/Subsidiaries : |
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Name : |
M B Enterprise |
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Address : |
51 M B House, Chandrodaya Society, Stadium Road, Ahmedabad – 380114, Gujarat, India |
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Tel No.: |
91-79-26405563 |
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Fax No.: |
91-79-26461314 |
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Line of Business : |
Trading of Steel Coils, Agency of Pharmaceuticals |
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Bank : |
Bank of Baroda |
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Address : |
Bhadra Branch, Ahmedabad |
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Facilities |
LC – Rs.210.000 Millions |
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Auditors : |
Talati and Talati, Ahmedabad |
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Name : |
Manibhai and Brothers |
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Address : |
51 M B House, Chandrodaya Society, Stadium Road, Ahmedabad – 380114, Gujarat, India |
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Tel No.: |
91-79-26405563 |
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Fax No.: |
91-79-26461314 |
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Line of Business : |
Construction |
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Bank : |
Bank of Baroda |
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Address : |
Bhadra Branch, Ahmedabad |
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Facilities |
CC – Rs.20.000 Millions |
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Auditors : |
Talati and Talati, Ahmedabad |
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Name : |
Manibhai and Brothers (Sleepers) |
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Address : |
51 M B House, Chandrodaya Society, Stadium Road, Ahmedabad – 380114, Gujarat, India |
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Tel No.: |
91-79-26405563 |
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Fax No.: |
91-79-26461314 |
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Line of Business : |
Manufacturer of Railway Sleepers |
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Bank : |
Bank of Baroda |
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Address : |
Bhadra Branch, Ahmedabad |
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Facilities |
CC – 25.000 Millions |
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Auditors : |
Talati and Talati, Ahmedabad |
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Name : |
Usha Prestressed Sleeper Udyog |
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Address : |
51 M B House, Chandrodaya Society, Stadium Road, Ahmedabad – 380114, Gujarat, India |
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Tel No.: |
91-79-26405563 |
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Fax No.: |
91-79-26461314 |
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Line of Business : |
Manufacturer of Railway Sleepers |
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Bank : |
Bank of Baroda |
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Address : |
Bhadra Branch, Ahmedabad |
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Facilities |
CC – 25.000 Millions |
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Auditors : |
Talati and Talati, Ahmedabad |
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Name : |
Manibhai and Brothers Finance corporation |
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Address : |
51 M B House, Chandrodaya Society, Stadium Road, Ahmedabad – 380114, Gujarat, India |
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Tel No.: |
91-79-26405563 |
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Fax No.: |
91-79-26461314 |
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Line of Business : |
Group Financing |
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Bank : |
Bank of Baroda |
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Address : |
Bhadra Branch, Ahmedabad |
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Facilities |
Nil |
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Auditors : |
Talati and Talati, Ahmedabad |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
800000 |
Equity Share |
Rs.100/- each |
Rs.80.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
5000 |
Equity Share |
Rs.100/- each |
Rs.0.500
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
0.500 |
0.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
57.313 |
26.414 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
57.813 |
26.914 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
|
20.344 |
4.595 |
|
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2] Unsecured Loans |
|
42.046 |
5.061 |
|
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TOTAL BORROWING |
|
62.390 |
9.656 |
|
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DEFERRED TAX LIABILITIES |
|
2.744 |
1.142 |
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|
|
|
|
|
|
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TOTAL |
|
122.947 |
37.712 |
|
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
99.544 |
38.460 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
|
0.455 |
0.455 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
20.109 |
5.991 |
|
|
Cash & Bank Balances |
|
2.320 |
2.542 |
|
|
Other Current Assets |
|
21.632 |
9.035 |
|
|
Loans & Advances |
|
23.026 |
2.346 |
|
Total
Current Assets |
|
67.087 |
19.914 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
20.179 |
10.143 |
|
|
Provisions |
|
23.960 |
10.974 |
|
Total
Current Liabilities |
|
44.139 |
21.117 |
|
|
Net Current Assets |
|
22.948 |
(1.203) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
122.947 |
37.712 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
117.821 |
62.784 |
|
|
Other Income |
|
0.365 |
0.023 |
|
|
Total Income |
|
118.186 |
62.807 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
48.016 |
22.992 |
|
|
Provision for Taxation |
|
17.118 |
8.625 |
|
|
Profit/(Loss) After Tax |
|
30.898 |
14.367 |
|
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|
|
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Export Value |
|
N.A. |
N.A. |
|
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|
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Import Value |
|
N.A. |
N.A. |
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|
|
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|
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Expenditures : |
|
|
|
|
|
|
Direct Expenses |
|
37.213 |
18.641 |
|
|
Administrative and Other Expenses |
|
20.733 |
10.097 |
|
|
Selling and Distribution Expenses |
|
2.159 |
4.186 |
|
|
Interest Expenses |
|
3.397 |
1.682 |
|
|
Depreciation |
|
6.665 |
5.207 |
|
Total Expenditure |
|
70.167 |
39.813 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
26.14 |
22.87 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
40.75 |
36.62 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
28.81 |
39.39 |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.83 |
0.85 |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.84 |
1.14 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.52 |
0.94 |
LOCAL AGENCY
FURTHER INFORMATION
Website details:
Subject is a venture of a 5 decade old company in the
construction industry hailing from Ahmedabad, Gujarat. It believes in constant
innovation and an anticipative approach, which has leaded it to foray into
projects dared by a few.
The vision is to re-define the Indian Construction Industry
by advanced technology and sound engineering, thus leading the company to
venture into the world of Pre-Engineered Buildings, with subject as its brand.
Subject shall endeavour to widen the horizon that currently
frontiers the construction industry and create a breakthrough in terms of
Quality and Speed.
- Vision:
Subject will work towards being recognized and respected as
one of the premier companies globally providing prompt execution of projects with
constant innovation.
- Mission:
To become the most respected technology - driven company
amongst the steel construction segment in their region, by supplying innovative
and cost - effective solutions to the infrastructure industry; always remain
customer - focused on one hand and employee - friendly on the other; and,
instill a sense of ownership amongst all employees
- Proposition:
State of the art, latest technology from the world leader in
PEB, Subject Buildings of the U.S.A.
Order - To - Execution integration through the sophisticated
VP Command Software, assuring timely delivery without missing items.
Sophisticated CNC Equipments imported from the U.S.A.,
offering high precision process, repeatability and superior quality of the
building components.
Well - trained human resource to offer the best pre - and post - sales service.
Total Customer Focus - Toll Free number for easy access; 24 hours attention
through special telephone number.
Laser - sharp anchor bolt casting technique to ensure precision from the ground
level on.
Building designs processed through our architectural expertise to offer high -
order appearance for customers who are inclined towards superior aesthetics.
Guaranteed leak - proof roof, with a specially - developed standing seam
profile from the U.S.A.
Annual Maintenance Contract facility beyond the warranty period (optional).
Superior ventilation and condensation solutions, illumination, fire protection
and energy - saving solutions.
- Infrastructures:
Manufacturing and Human Resource:
The manufacturing facility is spread over 40 acres of land, with a total
built – up area of 15,000 sq. meters. Equipped with the fleet of machinery
capable to meet world standards, this facility could churn out 60,000 metric tonnes
of pre-engineered buildings per annum.
With a team of professionals and skilled manpower, lead by a proficient
management team, they are geared up to define the Pre-Engineered scenario in
India. Safety and environmental norms stated by respective authorities are
diligently implemented and are under strict vigilance of their human resource
team.
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.39.48 |
|
UK Pound |
1 |
Rs.77.44 |
|
Euro |
1 |
Rs.57.75 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|