MIRA
INFORM REPORT
|
Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NARMADA PIPES |
|
|
|
|
Registered Office : |
Survey No. 211, N H 8 B, Narmada Road, Veraval [Shapar], Rajkot – 360024,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
IEC No.: |
2498000461 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABFN8912B |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners |
|
|
|
|
Line of Business : |
Manufacturer of PVC, HDP and PEX Pipes |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 140000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. However, the concern can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Kushad Pandya |
|
Designation : |
Accountant |
|
Date : |
11.11.2008 |
LOCATIONS
|
Registered Office / Factory : |
Survey No. 211, N H 8 B, Narmada Road, Veraval [Shapar], Rajkot –
360024, Gujarat, India |
|
Tel. No.: |
91-2827-252147 / 252462 |
|
Mobile No.: |
91-9898990207 [Mr. Mukesh Tilva – Partner] 91-9824042883 |
|
Fax No.: |
91-2827-252847 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
PARTNERS
|
Name : |
Mr. Mukeshbhai Tilva |
|
Designation : |
Partner |
|
Address : |
Pragan Apartment, Floor No. 6, Amin Marg Main Road, Rajkot |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
SSC |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mrs. Alka Tilva |
|
Designation : |
Partner |
|
Address : |
Pragan Apartment, Floor No. 6, Amin Marg Main Road, Rajkot |
|
Date of Birth/Age : |
43 Years |
|
Qualification : |
BSC |
|
|
|
|
Name : |
Mr. Jimmy Tushar Tilva |
|
Designation : |
Partner |
|
Address : |
Pragan Apartment, Floor No. 6, Amin Marg Main Road, Rajkot |
|
Date of Birth/Age : |
23 Years |
|
Qualification : |
SSC |
|
Experience : |
3 Years |
|
|
|
|
Name : |
Mrs. Niluben T. Tilva |
|
Designation : |
Partner |
|
Address : |
Pragan Apartment, Floor No. 6, Amin Marg Main Road, Rajkot |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
SSC |
|
|
|
|
Name : |
Mr. Tushar V. Tilva |
|
Designation : |
Partner |
|
Address : |
Pragan Apartment, Floor No. 6, Amin Marg Main Road, Rajkot |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
SSC |
|
Experience : |
20 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVC, HDP and PEX Pipes |
|
|
|
|
Products : |
·
uPVC Pressure Pipes ·
uPVC Pipes (Ring Fit Type) ·
uPVC Casing Pipes ·
HDPE Pipes ·
PP-R Pipes ·
PEX Pipes ·
PEX Plastics Fittings |
|
|
|
|
Exports : |
|
|
Products : |
PVC, HDP, PEX Pipes |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, T/T, Credit [60 days] |
|
|
|
|
Purchasing : |
Cash, L/C |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Pvc Pipes |
MT |
|
5940 |
2121.700 |
|
HDPE Pipes and PE-X Pipes and Fittings |
MT |
|
1913 |
|
|
|
|
|
|
|
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
80 [In Office : 12 and In Factory : 68] |
|
|
|
|
Bankers : |
State Bank of India, Dhebar Road Rajkot |
|
|
|
|
Facilities : |
CC Rs. 11.500 Millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
M. N. Manva and Company Chartered Accountants |
|
Address : |
504 – Star Plaza, Phulchhab Chowk, Rajkot |
|
Tel No.: |
91-281-2455750 / 2479389 |
|
Email : |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 27.392 Millions |
|
Borrowed : |
|
|
Total : |
Rs. 27.392 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
27.392 |
14.155 |
|
|
2] Share Application Money |
|
15.484 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
42.876 |
14.155 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
28.861 |
8.632 |
|
|
2] Unsecured Loans |
|
13.787 |
14.495 |
|
|
TOTAL BORROWING |
|
42.648 |
23.127 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
85.524 |
37.282 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
49.144 |
9.520 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.825 |
0.179 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
15.109 |
10.376 |
|
|
Sundry Debtors |
|
31.473 |
24.156 |
|
|
Cash & Bank Balances |
|
1.198 |
1.778 |
|
|
Other Current Assets |
|
0.748 |
0.474 |
|
|
Loans & Advances |
|
2.811 |
1.849 |
|
|
51.339 |
38.633 |
||
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
13.800 |
10.156 |
|
|
Provisions |
|
1.984 |
0.894 |
|
Total
Current Liabilities |
|
15.784 |
11.050 |
|
|
Net Current Assets |
|
35.555 |
27.583 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
85.524 |
37.282 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
118.799 |
101.254 |
|
|
Other Income |
|
0.440 |
0.020 |
|
|
Closing Stock |
|
9.900 |
7.132 |
|
|
Total Income |
|
129.139 |
108.406 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
4.130 |
1.502 |
|
|
Provision for Taxation |
|
1.430 |
0.535 |
|
|
Profit/(Loss) After Tax |
|
5.560 |
2.037 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Opening Stock |
|
7.132 |
6.343 |
|
|
Manufacturing Expenses |
|
6.751 |
6.662 |
|
|
Purchase of Finished Goods |
|
0.144 |
0.898 |
|
|
Raw Material Consumed |
|
98.283 |
80.918 |
|
|
Selling and Administrative Expenses |
|
8.172 |
7.178 |
|
|
Interest Paid |
|
2.712 |
3.256 |
|
|
Remuneration paid to partners |
|
0.300 |
0.000 |
|
|
Other Expenditure |
|
1.514 |
1.650 |
|
Total Expenditure |
|
125.008 |
106.905 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
|
4.31 |
1.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.48 |
1.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.11 |
3.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.36 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.25 |
3.50 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Reliance India Limited
- Haldia Petro Chemical Limited
- Bruno India Private Limited – Waghodia [Baroda]
As per website
Mr. M. V. Tilva Managing Partner of Company founded NARMADA PIPES in 1989. Constant technological change, excellent uPVC, HDPE, PP-R and PEX extrusions produced by company with unique skills, professional management, persistent dedication and testing without compromise these entire made Group a National and International award winner.
Subject was the first in its industry in Gujarat to achieve ISO 9001 quality certification and it represents just one more benchmark for its products, which is one of its kind industries for reliable quality.
Subject has been devoted to the quality of its products. Its comprehensive quality program has always been based on the continual improvement in products and process and system designed to meet customers’ need and satisfaction.
Company is enjoying technological advantage with equipped on-site laboratory at manufacturing plant. These innovative facilities are in the forefront of product development; which go forward the most careful, vigilant standards of product testing as per national and international standards.
Company believes to innovate product features to offer
excellent product to indulge customer requirement and to meet this they have
dedicated team of Plastic & Chemical Engineers, Operators and skilled labour
and thereby become “Quality line”
Mr. Mukesh Tilva, Managing Partner of company by his dedicated efforts and innovative skills has contributed for the growth of Narmada Group.
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.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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 |
|