MIRA INFORM REPORT
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Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
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Name : |
PPI PUMPS PRIVATE LIMITED |
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Registered Office : |
Plot No. 4/2, Phase I, GIDC Estate, Vatwa, Ahmedabad-382445, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
18.11.1987 |
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Com. Reg. No.: |
04-10148 |
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CIN No.: [Company
Identification No.] |
U29120GJ1987PTC010148 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMP00071B |
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PAN No.: [Permanent
Account No.] |
AABCP5949D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of vacuum pumps |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 125000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Ashwin |
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Designation : |
Technical Manager |
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Date : |
08.04.2011 |
LOCATIONS
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Registered Office : |
Plot No. 4/2, Phase I, GIDC Estate, Vatwa, Ahmedabad – 382445, |
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Tel. No.: |
91-79-25835698 / 25891365 / 25832273 / 25832274 |
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Fax No.: |
91-79-25830578 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Factory : |
Plot No. 14 and 16, Phase I, GIDC Estate, Vatwa,
Ahmedabad – 382445, |
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Branches : |
Located at
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DIRECTORS
AS ON 28.08.2010
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Name : |
Mr. Prakash Hemendra Shah |
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Designation : |
Director |
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Address : |
22, Sweethome Society, Ambawadi, Ahmedabad – 380015, |
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Date of Birth/Age : |
13.11.1944 |
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Date of Appointment : |
18.11.1987 |
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Name : |
Mr. Bhavin Hemendra Shah |
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Designation : |
Director |
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Address : |
13- Niyojannagar, Ambawadi, Ahmedabad – 380015, |
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Date of Birth/Age : |
27.09.1963 |
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Date of Appointment : |
18.11.1987 |
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Name : |
Ms. Pritiben Bhavin Shah |
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Designation : |
Director |
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Address : |
13- Niyojannagar, Ambawadi, Ahmedabad – 380015, |
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Date of Birth/Age : |
24.02.1966 |
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Date of Appointment : |
29.05.1995 |
KEY EXECUTIVES
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Name : |
Mr. Ashwin |
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Designation : |
Technical Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.08.2010
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Names of Shareholders |
No. of Shares |
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Prakash Hemendra Shah |
30000 |
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Bhavin Hemendra Shah |
30000 |
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Amoli Prakash Shah |
5000 |
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Dhruv Prakash Shah |
10000 |
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Pritiben Bhavin Shah |
10000 |
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Pujan Bhavin Shah |
10000 |
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Surekhaben Prakash Shah |
5000 |
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Total |
100000 |
AS ON 28.08.2010
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Equity share
breakup |
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of vacuum pumps |
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Products : |
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Terms : |
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Selling : |
Cash / Credit /Depends on Party |
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Purchasing : |
Cash / Credit /Depends on Party |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users, OEM’s, Manufacturer |
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No. of Employees : |
75 Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dinesh R Shah and Company Chartered Accountants |
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Address : |
51, Madhuban Bungalow , 5th Floor, Near |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 28.08.2010
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Share |
Rs.10/- Each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Share |
Rs.10/- Each |
Rs. 1.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
30.293 |
28.536 |
23.375 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.293 |
29.536 |
24.375 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
5.935 |
13.345 |
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TOTAL BORROWING |
0.000 |
5.935 |
13.345 |
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DEFERRED TAX LIABILITIES |
0.057 |
0.058 |
0.175 |
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TOTAL |
31.350 |
35.529 |
37.895 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.681 |
5.768 |
6.233 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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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 |
10.560
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6.682
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14.990 |
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Sundry Debtors |
28.150
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34.717
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33.495 |
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Cash & Bank Balances |
6.591
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5.481
|
9.186 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
6.174
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5.003
|
5.817 |
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Total
Current Assets |
51.475
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51.883
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63.488 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
16.966
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13.040
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20.475 |
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Current Liabilities |
7.361
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4.121
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5.010 |
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Provisions |
2.489
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4.971
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6.352 |
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Total
Current Liabilities |
26.816
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22.132
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31.837 |
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Net Current Assets |
24.659
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29.751
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31.651 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
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TOTAL |
31.350 |
35.529 |
37.895 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
89.033 |
109.459 |
137.352 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
89.033 |
109.459 |
137.352 |
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Less |
EXPENSES |
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Selling and Distribution Expenses |
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Office Expenses |
83.667 |
98.234 |
121.755 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
83.667 |
98.234 |
121.755 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.366 |
11.225 |
15.597 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.366 |
11.225 |
15.597 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.119 |
1.229 |
1.306 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.247 |
9.996 |
14.291 |
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Less |
TAX (H) |
1.320 |
3.665 |
5.065 |
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PROFIT AFTER TAX
(G-H) (I) |
2.927 |
6.331 |
9.226 |
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EARNINGS IN
FOREIGN CURRENCY |
29.573 |
22.644 |
21.867 |
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Earnings Per
Share (Rs.) |
29.27 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2011 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
3.28
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NA
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.77
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9.13
|
10.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.30
|
17.34
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20.50 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.34
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0.59 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.85
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0.95
|
1.85 |
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Current Ratio (Current Asset/Current Liability) |
|
1.91
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2.34
|
1.99 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
OPERATION:
The Directors are
glad to inform you that the Company has earned net profit of Rs. 2.927 millions
after providing depreciation of Rs.1.118 millions, taxation provision of
Rs.1.320 millions in the year ended 31/03/2010. The Company has also achieved
sales of Rs.89.032 millions in the year 2009-2010 against previous year’s
figure of Rs.109.459 millions.
FIXED ASSETS:
- Land
- Machinery
- Air
Conditioner
- Furniture and
Fixtures
- Typewriter
- Vehicles
- Xerox Machine
- Computer
- Office
Equipments
- Water Cooler
- Electrical
Installation
- Motor Car
- Motor
Car-Waganor
- Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.48 |
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|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.