MIRA
INFORM REPORT
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Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
PARIXIT INDUSTRIES LIMITED |
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Registered Office : |
301 to 308, 3rd Floor, Silver Oaks Building, Mahalaxmi
Cross Road, Paldi, Ahmedabad – 380 007, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.08.1989 |
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Com. Reg. No.: |
04-12672 |
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CIN No.: [Company
Identification No.] |
U25200GJ1989PLC012672 |
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Legal Form : |
A Closely held public
limited liability company |
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Line of Business : |
Manufacturers of
Drip Irrigation Systems, Sprinkler Systems, HDPE/PVC Pipes, all kind of
Compression Fittings, Valves & accessories useful in agriculture and allied
industries for water, sewerage, effluents, gas and chemical carrying
applications and has earned excellent reputation all over India. |
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 514860 |
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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. Trade relations are fair. Business is active. 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. |
LOCATIONS
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Registered
Office : |
301 to 308, 3rd
Floor, Silver Oaks Building, Mahalaxmi Cross Road, Paldi, Ahmedabad – 380
007, Gujarat, India |
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Tel. No.: |
91-79
– 65318121 (10 lines) |
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Fax No.: |
91-79
- 65318125 |
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E-Mail : |
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Factory : |
Plot No 4912, Phase
–IV, GIDC, Vatva. Ahmedabad – 382445, Gujarat, India |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Amrutbhai I. Patel |
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Designation : |
Chairman and
Managing Director |
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Address : |
259, Lane No 14
Satyagrah Chhavni, Satellite Road, Ahmedabad |
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Date of
Birth/Age : |
20.07.1949 |
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Date of
Appointment : |
Since
Incorporation |
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Name : |
Mr. Parixit A.
Patel |
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Designation : |
Director |
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Address : |
259, Lane No 14
Satyagrah Chhavni, Satellite Road, Ahmedabad |
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Date of
Birth/Age : |
01.08.1976 |
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Date of
Appointment : |
Since
Incorporation |
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Name : |
Mr. Vijayabhai A.
Patel |
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Designation : |
Director |
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Address : |
259, Lane No. 14
Satyagrah Chhavni, Satellite Road, Ahmedabad |
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Date of
Ceasing: |
06.12.2004 |
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Name : |
Mr. Mahendrabhai
M. Shah |
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Designation : |
Director |
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Address : |
210, “ Samir Complex”
Opposite Mumbai Market, C. G. Road, Navrangpura, Ahmedabad, Gujarat, India |
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Date of
Birth/Age : |
23.08.1957 |
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Date of
Appointment : |
06.12.2004 |
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Name : |
Mr. Jagdishbhai
M. Barot |
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Designation : |
Director |
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Address : |
Sector 8- Plot –
664, Gandhi Nager, Pin- 3820087 |
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Date of
Birth/Age : |
23.07.1947 |
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Date of
Appointment : |
06.12.2004 |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
3.00 |
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2 |
Directors or relative of directors |
92.00 |
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3 |
Other top fifty (50) shareholders |
5.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Drip
Irrigation Systems, Sprinkler Systems, HDPE/PVC Pipes, all kind of
Compression Fittings, Valves & accessories useful in agriculture and
allied industries for water, sewerage, effluents, gas and chemical carrying
applications and has earned excellent reputation all over India. |
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Products : |
Item Code No Product Description 893917 Pipes and Fitting 842410 Sprinkler Drip |
PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Ball Valves |
Nos |
25000 |
171 |
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Pipes |
Mtrs. |
12500 |
679145 |
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Fittings |
Nos |
200000 |
33127 |
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Drip Set |
Sets |
5000 |
2041 |
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Sprinkler Set |
Sets |
10000 |
11427 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No of Employees
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About 250 |
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Bankers : |
UTI Bank Limited Trishul 3rd Floor, Opposite
Samartheshwar Temple Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat,
India |
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Financials
Institutions: |
GE Capital Transportation
Financial Services Limited Address: AIFCAS
Building 1 Rafi Marg, New
Delhi – 110 001, Delhi, India |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
D. V. Dave and
Company Chartered
Accountants |
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Address : |
203 centaur
Complex, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91- 22- 26422557 |
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Name 2 : |
Manubhai and
Company Chartered
Accountants |
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Address : |
2nd
Floor, B Wing Premium House, Near Gandhigram Railway Station,
Navrangpura, Ahmedabad – 380 009,
Gujarat, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs. 10/-
each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3641700 |
Equity Shares |
Rs. 10/-
each |
Rs.36.417
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 |
36.417 |
29.800 |
27.311 |
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2] Share Application Money |
0.000 |
0.000 |
5.350 |
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3] Reserves & Surplus |
92.298 |
71.300 |
63.815 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
128.715 |
101.100 |
96.476 |
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LOAN FUNDS |
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1] Secured Loans |
196.239 |
100.300 |
76.933 |
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2] Unsecured Loans |
42.461 |
21.300 |
22.485 |
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TOTAL BORROWING |
238.700 |
121.600 |
99.418 |
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DEFERRED TAX LIABILITIES |
12.029 |
0.000 |
0.000 |
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TOTAL |
379.444 |
222.700 |
195.894 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.300 |
64.400 |
60.822 |
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Capital work-in-progress |
77.060 |
0.000 |
0.000 |
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INVESTMENT |
0.572 |
0.600 |
0.572 |
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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 |
67.435
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41.700
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44.552
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Sundry Debtors |
224.218
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184.400
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130.432
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Cash & Bank Balances |
11.564
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16.700
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12.727
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
26.633
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13.800
|
10.475
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Total
Current Assets |
329.850
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256.600
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198.186 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
94.880
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92.100
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61.281
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Provisions |
9.458
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06.800
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2.405
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Total
Current Liabilities |
104.338
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98.900 |
63.686 |
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Net Current Assets |
225.512
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157.700
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134.500
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
379.444 |
222.700 |
195.894 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
425.771 |
395.661 |
296.542 |
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Other Income |
19.282 |
0.382 |
0.375 |
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Total Income |
445.053 |
396.043 |
296.917 |
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Profit/(Loss) Before Tax |
37.615 |
14.410 |
9.494 |
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Provision for Taxation |
0.000 |
3.575 |
2.457 |
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Profit/(Loss) After Tax |
37.615 |
10.835 |
7.037 |
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Expenditures : |
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Raw Material Consumed |
248.249 |
283.364 |
196.311 |
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Increase/(Decrease) in Finished Goods |
0.000 |
[11.140] |
7.516 |
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Salaries, Wages, Bonus, etc. |
15.364 |
11.006 |
7.436 |
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Managerial Remuneration |
14.642 |
0.600 |
0.600 |
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Payment to Auditors |
0.000 |
0.020 |
0.050 |
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Interest |
19.779 |
11.942 |
10.182 |
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Insurance Expenses |
0.000 |
1.685 |
1.306 |
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Power & Fuel |
0.000 |
9.028 |
8.527 |
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Depreciation & Amortization |
8.018 |
6.372 |
5.823 |
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Other Expenditure |
101.386 |
68.756 |
49.672 |
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Total Expenditure |
407.438 |
381.633 |
287.423 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
8.45
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2.73 |
2.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.83
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3.64 |
3.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.78
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04.49 |
3.67 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29
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0.14 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.67
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2.18 |
1.69 |
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Current Ratio (Current Asset/Current Liability) |
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3.16
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2.59 |
3.11 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U25200GJ1989PLCO12672 |
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Name of the company |
PARIXIT INDUSTRIES LIMITED |
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Address |
Plot No. 4912/Phase IV GIDC Vatwa, Ahmedabad – 382 445,
India |
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This Form is for |
Modification of Charges |
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Type of Charges |
· Book Debts · Movable Property |
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Particular of the charge holder
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CIN : L65110GJ1993PLC020769 UTI Bank Limited Trishul 3rd Floor, Opposite
Samartheshwar Temple Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat,
India Email ID: poza@utibank.co.in |
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Nature or description of the instrument creating charge |
Supplementary Deed of hypothecation 30th
March 2007 |
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Date of the instrument creating charge |
30.03.2007 |
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Amount Secure by the charge |
Rs. 199.200 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: Term Loan 12% Sock and book debts 11% Terms
of Repayment: Term Loan -1 As per esisting Term Loan -2 Equally monthly installments
of Rs. 0.195 millions Term Loan - 3 Bulet Repayment of one
installment of Rs. 1.250 millions Margin: Term Loan 1 Term Loan -2 26.47% Term Loan -3 40% Extent
and operation of the charge Exclusive charge over entire current
assets and fixed assets |
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Short particulars of the Property charged |
Whole of the borrower movables plant and machinery movable goods both
present and future including stock of raw materials, work in progress, semi
finished goods, packing materials , etc lying at plot no. 4912 phase –IV GIDC
Vatva or at Office. All present and future book debts, outstanding, money
receivables, claims bills contracts non agricultural free hold property
office No. 706, 806 in silver oaks commercial complex at Paldi Taluka city
Shed No..3825, 4912 in Vatva industrial estate Phase IV. |
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Particulars of the present modification |
Term Loan-2 Limit Reduced from Rs. 35.000 millions to Rs. 11.700
millions New Term Loan-3 Sanctioned Rs. 45.000 millions |
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1.
Date and description
of instrument creating the change |
Memorandum of
Entry dated 31.03.2005 |
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2.
Amount
secured by the charge/amount owing on the securities of charge |
Rs. 110.000
millions only Facility Rs. In Lacs Cash Credit 80.000 millions Term Loan 5.000 millions Bank
Guarantee 25.000
millions
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110.000 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 |
Equitable
Mortgage is created in respect of Immovable properties of the company as
mentioned below. Non agricultural
freehold property office No.706 & 806, Adm 735 sq.fts and 540 sq. fts.
Respectively In Silver Oak Commercial Complex of Emerld Green Association
Bearing sub plot no3-B, of final plot
No. 985 3-B T. P. Scheme no 3 situated and lying at Mouje Paldi, Tal. City in
the registration district, sub district of Ahmedabad. Non agricultural
constructed leasehold property of shed No 3825 adm 1526 sq. mtrs with construction
thereon in Vatva Industrial Estate Phase IV of GIDC, bearing R S No. 332 and
333 part situated, lying and being at Registration district of Sub District
of Ahmedabad and also on non agricultural constructed Leasehold Property of
Shed No. 4912 and 1874 sq. mtrs with construction thereon in Vatva Industrial
Estate – Phase IV of GIDC, bearing Survey No. 334 part, being at Mouje:
Ramol, in Taluka Dascroi, in the Registration District subject district of
Ahmedabad Semi Government body or authority. Whatsoever including those
relating to the asset leased out and or given on hire purchase basis. |
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4.
Gist of the
terms and conditions and extent and operation of the charge. |
Interest will be
charged at BPLR + 1.50% p.a. (Presently PLR is
12%) for both term loan and cash credit facilities. |
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5.
Name and
Address and description of the person entitled to the charge. |
UTI Bank Limited Law Garden,
Ahmedabad |
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6.
Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
AS PER
WEBSITE
The Parixit Group is
a leading solutions provider and application specialist as well as a leader in
providing innovative context-specific customized solutions since 1985. All of
their products are accredited with the ISO-9001 and ISO 14001 Certifications.
Subject is a unique and diversified company involved in the Agriculture and
Industrial arenas of Ahmedabad, Gujarat. They take pride in the fact that they
create and provide quality solutions to customers worldwide, with the help of
its domain expertise and team of dedicated professionals.
Today subject is one of the leading Groups in India in the fields of Pipe
Industries, Micro Irrigation, Agriculture and Allied Industries and in the
management of hazardous waste and prevention of corrosion. The company has
emerged as a major industrial and agricultural conglomerate, acclaimed for the
excellent quality of its products and services.
Through its group companies, they synergize and save the precious time of
clientele. Its emphasis on R and D, HRD
and Customer Care is a commitment towards achieving long-term business goals.
The underlying unity of a diverse network is their core strength.
The Company’s Group consists of 4 companies under the roof of "PARIXIT"
and 11- branches with more than 580 dealers and distributors networks in
major states of India.
ABOUT COMPANY
SUBJECT is pioneer
in the manufacturing of Drip Irrigation Systems, Sprinkler Systems, HDPE/PVC
Pipes, all kind of Compression Fittings, Valves and accessories useful in agriculture
and allied industries for water, sewerage, effluents, gas and chemical carrying
applications and has earned excellent reputation all over India.
Subject always strives for value addition in products, comprehensive advisory
and after-sales services to customers.
Subject is driven and strengthened by the establishment of following divisions:
- Agriculture and Customer care service
- ECC and Infrastructure Project Division
- Research and Development
- Marketing and Distribution Network
Agriculture and
Customer care service
They are one of the
India's leading companies in micro irrigation and land development, with a
whole range of products and technical know-how.
They provide various services to farmers which include drip and sprinkler
irrigation systems, selection of crops and its management, application of
fertilizers, growth stimulants, crop protectants, pest management and also
advice them on achieving quality and higher yield.
ECC and Infrastructure Projects Division
They undertake turnkey projects and have
completed a large numbers of ETP, gas, water, sewerage, irrigation, under water
pipeline, secure land fields (SLF), roads and other civil works, dust control,
landscaping and pipeline projects in various parts of India.
They are an A-class registered
contractors with various Government Departments and Water Supply Boards and
affiliated with major consultants like EIL, UDHE, Multimedia, Dalal Consultant,
STUP Consultant and Multi-Mande-CK, Wapcos, Mecon.
Research and Development
Subject is driven
and supported by its strong and dedicated R and D team of engineers,
agronomists, agriculturists, professionals and biotechnologists performing
stringent quality control and assurance practices and continuously unleashing
new applications. This caters to both the agriculture and industrial market,
without compromising on time and quality.
- Production of 1000 mm OD HDPE Pipe is a
feather in the cap of Parixit.
- Parixit was first to introduce and
popularize compression fittings and full range of ISI Marked Disc Filters
in India.
- Newly designed online dripper brought
revolution in the agriculture sector, known as ‘Parixit LoC’.
- Newly developed engineering plastic
Sprinkler Saddles and Sprinkler Nozzles by us has replaced use of metals in
the industry.
- Inclusion of online and inline PC
dripper in their product range.
Marketing and
Distribution Network
The company have
full-fledged branch offices and godowns in Pune, Jaipur, Bhopal, Jabalpur,
Lucknow, Jammu, Kochi, Hyderabad, Anantpur and Rewari. The companies also have
a good dealer network of more than 580 throughout the country.
Contingent Liabilities :
Guarantee issued by
the bankers : Rs. 18.717 millions
DRIP
IRRIGATION SYSTEMS
Indian agriculture is
dependent on limited natural water sources, which is unable to irrigate the
entire cultivated land with traditional flood irrigation systems, as more than
50% of the total water is lost due to seepage, evaporation and percolation
beyond the root zone of the plants. With traditional flood irrigation their
poor farmers are able to irrigate only a part of their valuable cultivated
land, limiting their income to a great extent. As water levels in the entire
country go down, it is time for the farmers to adopt modern irrigation
techniques in order to maximize irrigated area, agricultural produce and income
by proper agricultural irrigation.
List of their group companies:
1 Corro Care
Industries
Corro Care
Industries manufactures various acid resistance cements and mortars. They are
also taking turnkey jobs in giant chemicals, Pharmaceuticals, petrochemicals,
Fertilizers, Pesticides and Textile units. Providing anti corrosive lining work
in common ETPs is their specialty.
2 Helical
Plastics
Helical plastics
manufactures HDPE tanks and other chemical equipments like Reaction Vessels,
Gas Scrubbing Systems, Vanturies, Chimneys, Towers in various plastic material
like HDPE, PP and FRP.
3 Parixit Gas
Company Limited
Parixit Gas Company
Limited is coming out with a natural gas distribution network for domestic
industries as well as residents in certain areas of Gujarat.
Manpower the
Group’s Board of Directors comprise of experienced people who with their wealth
of knowledge have taken each company on the path of continuing success. They
are assisted by a dedicated team of technocrats, technically trained managers
and workers operating in the perfect synergy to fulfill the commitment of the
organization toward ‘superb quality’.
AGRO PRODUCT
DIVISION and EXTENSION SERVICES:
The group is well
equipped with senior horticulturists, crop specialists, agriculture engineers,
agronomists, pathologists, biotechnologists and professionals engaged in
rendering their services by arranging farmers meets, seminars and short-term
training programmes on scientific cultivation of agricultural and horticultural
crops including all aspects organized for the benefit of the farmers.
They are extensively engaged in finding solutions to agricultural problems by
increasing yield and without disturbing the ecological balance in the
agricultural field.
CUSTOMER
CARE:
- PARIXIT is known for its exemplary
customer service for the upliftment of the economic well being of farming
community.
- Their Sales staff and customer service
team work together to ensure that the customer get the right information
and product they need.
- They provide efficient water and
fertilizer management system and agronomical guidance.
- They offer intensive short-duration
training on modern and scientific farming technology.
- They are fully committed to agriculture
and rural development.
- They provide training for welding and
installation of HDPE Underwater pipeline.
Project Division
ECC and
Infrastructure Projects Division:
They undertake turnkey projects and have completed a large numbers of ETP, gas,
water, sewerage, irrigation, under water pipeline, secure land fields (SLF), roads and other civil works, dust
control, landscaping and pipeline projects in various parts of India.
They are an A-class registered contractors with various Government Departments
and Water Supply Boards and affiliated with major consultants like EIL, UDHE,
Multimedia, Dalal Consultant, STUP Consultant and Multi-Mande-CK, Wapcos,
Mecon.
News
BIOTECHNOLOGY
:
With the miraculous
success in the fields of Micro Irrigation Systems, PVC/HDPE Pipes etc, the
company has ambitious plans to diversify its activities in Biotechnology and
high-tech agriculture to fulfill the total commitment of the organization
towards agriculture revolution. For the economic development of the farmers,
the new projects on anvil are Plant Tissue Culture, Green House technologies,
water soluble liquid fertilizer, Bioformulations and Crop protect ants and
organic farming. The group's entry into biotechnology offers an opportunity of
immense potential.
TISSUE CULTURE :
TISSUE CULTURE is a
revolutionary technique of cloning and micro propagation of tissues of a
carefully selected disease free mother plant under controlled laboratory
conditions. The plants produced from tissue culture are true-to-type, disease
free, more vigorous than conventionally produced plants and start yielding much
earlier. Tissue culture will change the agro-economic conditions of the farming
community and will also open up doors for exports of high value added plants.
This activity will be supported by technically advanced know-how from Israel
and The Netherlands. The company is actively negotiating for collaboration for
the same.
GREEN HOUSE :
Enables production
of different type of crops regardless of soil, season and climate. It improves
quality through better controlled temperature, humidity, irrigation and
fertigation and for sustainable increase in yield.
AGRO PRODUCT
DIVISION and EXTENSION SERVICES :
Inspired by the
success of these endeavors the company is expanding its operations to high-tech
farming.
The availability of a large part of its total acres of land gave birth to a
green idea: growing vegetables, fruits, flowers and medicinal herbs and plants
for the domestic and export markets. The pattern of cultivation is
scientifically planned, after considering such factors as soil composition,
climatic conditions as well as the commercial viability. These will be
cultivated in open fields as well as in specially constructed Green Houses.
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.40.47 |
|
UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.62.11 |
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 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|