MIRA
INFORM REPORT
|
Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
IRRIGATION PRODUCTS INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
Shed No.7, SIDCO Industrial Estate, Malmitchampatti P.O Coimbatore – 641021, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.03.1993 |
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Com. Reg. No.: |
181-007359 |
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CIN No.: [Company
Identification No.] |
U00111TZ1993PTC007359 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBI03152C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Irrigation Equipments & Spares |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 50000 |
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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 company having fine track records. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Shed No.7, SIDCO Industrial Estate, Malmitchampatti P.O Coimbatore-641 021, Tamil Nadu |
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Tel. No.: |
91-422- 2655777 |
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Fax No.: |
91-422- 2655777 |
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E-Mail : |
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Corporate Office 1 : |
18-A, Kalakshetra Road, C/26, Fort Indraprastha, Thiruvanmiyur, Chennai- 600 041 |
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Tel. No.: |
91-44-24914043/24902079/24463414 |
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Fax No.: |
91-44-24911449 |
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E-Mail : |
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Website: |
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Corporate Office 2 : |
4/112 East Coast Road, Chennai – 600041, Tamilnadu, India |
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Tel. No.: |
91-44-24494386 |
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Fax No.: |
91-44-24494388 |
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Branch : |
K-1/120, C R Park, New Delhi 110 019 |
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Tel. No.: |
91-11 26472845 |
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Factory : |
B-83, Quail Hill, Coonoor, Nilgiris, Tamilnadu-643104 |
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Associate Office: |
276, Colonnades, 34 Porchester Square London W2 6AT, UK. |
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Tel. No.: |
0044-207-2627109 |
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Fax No.: |
0044-207-7063920 |
DIRECTORS
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Name : |
Mr. Ravi K Garyali |
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Designation : |
Managing Director |
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Address : |
C-26, Fort Indraprastha 18 A, Kalakshetra Road, Thiruvanmiyur, Chennai – 600041, India |
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Date of Birth/ Age: |
17.07.1952 |
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Date of Appointments: |
31.03.1993 |
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Name : |
Dr. Ravinder Misri |
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Designation : |
Director |
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Address : |
276, The Colonades, 34 Porchester Square Loandon – W2 |
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Date of Birth/ Age: |
23.01.1956 |
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Date of Appointments: |
26.04.1993 |
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Name : |
Mrs. Durga Misri |
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Designation : |
Director |
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Address : |
J1, Kailash Colony, New Delhi, India |
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Date of Birth/ Age: |
25.01.1936 |
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Date of Appointments: |
10.10.1993 |
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Name : |
Mr. Pradeep Kumar Sadarangani |
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Designation : |
Director |
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Address : |
119, Osborne Road, Lagos, Ikoyi, Nigeria |
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Date of Birth/ Age: |
14.11.1967 |
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Date of Appointments: |
06.03.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005
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Names of Shareholders |
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No. of Shares |
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Ravi K Garyali |
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85850 |
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Durga Misri |
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100 |
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Ravinder Misri |
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122500 |
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Pradeep Kumar Sadarangani |
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36750 |
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Total |
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245200 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Irrigation Equipments & Spares |
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Products : |
Ø Landscape
& Golf Irrigation Ø Turf
Maintenance Equipment Ø Electric
Vehicles Ø Drip
Irrigation Ø Irritrol
Systems |
GENERAL
INFORMATION
|
Suppliers : |
Ø Blue Dart Express Limited Ø Blue Star Limited Ø DGP Windsor India Limited Ø Kelba Agro Engineering Private Limited. Ø Lakshmi Cargo Company Limited Ø Milesworth Travels & Tours Private Limited Ø The Toro Company Ø Import Creditors Ø Easy Fire Control System Ø Flow Tech Ø Kamal Stores Ø Professional Courier Ø Span Corporation Ø Rich Strokes Ø Susil Computers Ø Vidhi Corporation Ø Unique Plastics Ø Amjath Khan Ø Agri Pacific Incorporation Ø Finolex Industries Limited Ø Excel India Private Limited Ø Plasti Blend India Limited Ø Toro Austrelia Group Sales Private Limited Ø Kelba Agro Engineers Private Limited |
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Customers : |
Ø Airforce Golf Club-I Lindon Ø Airforce Golf Club, New Delhi Ø Anantha Murugan Ø Army Golf Course, Delhi Ø TVS, Chennai Ø Pacific Coast Design Ø Sundaram Fasteners Limited, Chennai Ø Sterlinh Grand, Noida (Uttar Pradesh) Ø Bangalore Golf Club Ø Blue Moon Irrigation System Ø B.P. Singh Ø Chandigarh Golf Club Ø Hindustan Lever Limited-Irrigation Ø Ford India Limited Ø Haryali Ø I.P.Rings Ø EID Parry India Limited Ø Jaypee Groups, Noida (Uttar Pradesh) Ø Le Royal Meridian Ø DLF Golf Resorts Limited, Delhi Ø Krishna Cricket Associations Ø Indian Hotels and Health Resorts Limited Ø Mysore Race Club Limited Ø Air Force Ø Haden International Group India Limited Ø Grasim Industries Limited Ø Horticulture College and Research Institute Ø Premier Spinning and Weaving Mills Private Limited Ø J J Consultant Private Limited Ø Park Hyatt Goa Research and SPA Ø The Gaekwad Baroda Golf Course |
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No. of Employees : |
About 30 |
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Bankers : |
Ø ANZ Grindlays Bank- Chennai Ø ANZ Grindlays Bank- Coimbatore Ø ANZ Grindlays Bank- Delhi Ø State Bank of India - Coimbatore Ø State Bank of India - Chennai Ø Punjab and Sind Bank Ø ICICI Bank Limited Ø Indian Bank Ø Standard Chartered Bank |
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Facilities : |
Satisfatory |
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Banking Relations
: |
Good |
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Auditors : |
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Name : |
TVK Murthy and Sridhar T V Krishamurthy Charted Accountants |
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Address: |
129, Gray’s Hill, Coonoor- 643101, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Share |
Rs.10/each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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245200 |
Equity Share |
Rs.10/each |
Rs.2.452 Millions |
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FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
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 |
2.452 |
2.452 |
2.452 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.086 |
5.539 |
3.924 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
10.538 |
7.991 |
6.376 |
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LOAN FUNDS |
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1] Secured Loans |
1.713 |
0.605 |
1.283 |
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2] Unsecured Loans |
0.507 |
0.508 |
0.508 |
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TOTAL BORROWING
|
2.220 |
1.113 |
1.791 |
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DEFERRED TAX LIABILITIES |
0.604 |
0.641 |
0.705 |
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TOTAL
|
13.362 |
9.745 |
8.872 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
6.141 |
5.429 |
4.753 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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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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Pre Paid Insurance
|
0.000
|
0.000 |
0.073 |
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Stock in Trade
|
10.466
|
5.306 |
4.087 |
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Sundry Debtors
|
6.302
|
8.435 |
3.528 |
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Cash & Bank Balances
|
8.240
|
7.997 |
5.965 |
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Interest Accrued
|
0.000
|
0.210 |
0.124 |
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Loans & Advances
|
7.183
|
2.701 |
2.124 |
Total Current Assets
|
32.191
|
24.649 |
15.901 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
23.466
|
19.384 |
11.981 |
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Provisions
|
2.232
|
1.386 |
0.000 |
Total Current Liabilities
|
25.698
|
20.770 |
11.981 |
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Net Current Assets
|
6.493
|
3.879 |
3.920 |
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MISCELLANEOUS EXPENSES
|
0.419 |
0.437 |
0.000 |
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Deferred Revenue Expenses
|
0.309 |
0.000 |
0.199 |
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TOTAL
|
13.362 |
9.745 |
8.871 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
50.075 |
51.525 |
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Other Income |
7.183 |
3.781 |
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Total Income |
57.258 |
55.306 |
31.284 |
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Profit/(Loss) Before Tax |
4.731 |
2.935 |
1.700 |
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Provision for Taxation |
2.183 |
1.320 |
0.000 |
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Profit/(Loss) After Tax |
2.548 |
1.615 |
1.700 |
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Total Imports |
24.156 |
13.627 |
NA
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Expenditures : |
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Administrative Expenses |
0.065 |
0.052 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(5.160) |
(1.219) |
0.000 |
|
|
Depreciation & Amortization |
0.790 |
0.675 |
0.000 |
|
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Other Expenditure |
56.832 |
52.863 |
29.583 |
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Total Expenditure |
52.527 |
52.371 |
29.583 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
04.45
|
02.92 |
5.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
09.44
|
05.69 |
5.43 |
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Return on Total
Assets (PBT/Total Assets} |
(%) |
12.34
|
09.75 |
6.75 |
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Return on
Investment (ROI) (PBT/Networth) |
|
44.89
|
36.72 |
0.27 |
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Debt Equity Ratio (Total
Liability/Networth) |
|
2.65
|
2.74 |
2.16 |
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|
Current Ratio (Current
Asset/Current Liability) |
|
1.25
|
1.19 |
1.33 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Ø Furniture & Fittings:
Ø Maruti Car & Club Car
Ø Scooter /Motor Cycle
Ø Fire Extinguisher, Delhi
Ø Computer & Printer, Chennai
Ø Air Conditioner, Chennai
Ø UPS, Delhi
Ø Tools, Chennai, Delhi
Ø Office Equipments
Ø Land & Buildings
Ø Plant & Machinery
Ø Fridge
Ø Stabilizer
Ø Stencil
Ø Grinder
Ø Weightment scale
Ø Washing Machine
Ø Typewriter & Fax
Ø Lab Equipment
Ø Bi-cycle
Ø Sintex Tank
Ø Monoblock Pump
WEBSITE DETAILS
CORPORATE PROFILE:
Subject is a company promoted by two enterprising professionals
in 1993 with a resolve to impart technical know-how and state-of-the art
products to the irrigation and lawn care industry in India. To this end the
company entered into collaboration with the industry-leader, The Toro company
USA, to service the long felt need for a quality player in this segment.
With it's prudent approach to quality and service the company has been able to
carve a niche for itself as the reliable one time solution provider. As an
indication of its commitment to service the agricultural irrigation
requirements, the company set up it's lateral manufacturing plant to service
the Indian farm sector with quality equipment to conserve water.
COLLABRATOR
The Toro Company of USA has been established for well over 80 years as a leading
manufacturer of irrigation and turf & lawn maintenance equipment. Toro
offers a comprehensive line of Pop-up Sprinklers and Turf Maintenance equipment
for residential and golf course applications.
THE PROMOTERS:
The company was promoted by Mr. R.K.Garyali & Mr. Ravi
Misri who are also the directors of the company.
Promoters Profile
Ø
Mr. Ravi Garyali:
Mr. Ravi Garyali has been instrumental in pioneering and
developing the concept of using the latest technology for Turf Irrigation and
Lawn Maintenace in India.
His blend of management skills and technical savvy has been
the driving force behind the business, and he stands by his resolve to
continually enhance the quality and depth of customer service, and as a result,
has successfully built up a portfolio of prestigious customers throughout
India.
Ø
Mr. Ravi Misri
Mr. Ravi Misri an MBA with a PhD from London University,
Mr.Ravi Misri is no stranger to technology and actively participates by providing
valuable inputs in the field of business management. His international exposure
adds dynamism to the company he also chips in by participating in important
projects.
THE IPI TEAM
The company team is committed towards ensuring every
customer's investment in a quality product is matched with a quality service.
The team prides itself on it's ability to deliver a responsive and
comprehensive After-Sales support service that gives company the edge over it's
competitors.
Ø
Turf Equipment Department
Headed by Mr. Antony Samy, a factory trained senior engineer
who has been largely responsible for providing the operational and service
support for turf maintenance equipment to a number of leading golf courses and
sports grounds in the country.
Ø
Irrigation Design Department
Headed by Ms. Kalpana, a senior engineering graduate from
Tamil Nadu Agricultural University with experience in planning and designing
effective irrigation systems for a wide range of projects.
Ø
Irrigation Project Department
Headed by the Mr. Anna who has over 10 years of experince in
managing some of their major irrgation projects. The team has varied talents in
the field of designing and executing the installation of irrigation systems.
The highlight of the team is its ascent on excellent after sales service, and
this has been Company most effective marketing tool.
Ø
Finance Department
Headed by Mr. M.K.Tiku, a qualified Cost Accountant and
Company Secretary with a training in Advanced Financial Management from
University of Stractlyde (UK), he has varied experience in industries including
construction, cement and textile industry.
INFRASTRUCTURE
Ø
Offices and Godowns
Company operates from its
offices based in Chennai, Bangalore, Coimbatore, and New Delhi. It also
maintains large godowns in Chennai and Coimbatore for storage and distribution
of products.
ACTIVITY PROFILE
The Complete Solution Provider
Company has a team that is committed to adding value for every
rupee spent by the customer in lawn care. To this end company acts as a total
solution provider and not just as a sales outlet. The chain of support systems
includes.
Ø Preliminary
Survey & Feasibility analysis
Ø System
Design
Ø Technical
Evalution
Ø Financial
Sourcing
Ø Material
Sourcing
Ø Shipping
& Logistics
Ø Installation
Ø Training
Ø After
sales service
Ø System
up-gradation programs
Company takes pride as the only comprehensive service
provider in the industry and their service has become a benchmark for the
evaluation of their competitors. They at company believe that a sale is only
the beginning of a life long relationship with the client and to this end our
customers are provided with an excellent support program.
The
key features include:
Installation
A proper installation is the key to a good performance and we believe that
"Prevention is better than cure". This is ensured by eliminating any
drawbacks in the installation, which may develop in to a snag at a later stage
of the life of the system.
Training
Designated staffs of the client are trained in System handling, preventive
maintenance minor troubleshooting & damage control. This is crucial since
the risk of operational problems can be mitigated and forestalled by simple and
periodical maintenance procedures.
Periodic visit
Company engineers make periodic visits to the site to detect
& rectify any snags and also train and evalute the designated staff in
maintenance procedures and practices.
Maintenance
Contracts
A comprehensive Annual Maintenance Contract is offered at a
nominal rate to ensure preventive maintenance and servicing of the system. More
details can be obtained from their service department.
Spares
The crucial lacunae in the operation of many irrigation and turf maintenance
equipment companies are the absence or lack of spares for the rectification of
faulty equipment. In this regard IPI is ahead of it's competitors, with a huge
inventory of all types of spares, which can be promptly provided to customers.
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.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|