MIRA
INFORM REPORT
|
Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
PARIKH POWER PRIVATE LIMITED |
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Registered
Office : |
Top Floor, Shreyas Complex, Near Navrangpura Bus Stop, Opposite Navrangpura
Jain Derasar, Navrangpura, Ahmedabad –
380009, Gujarat, India |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.10.1984 |
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Com. Reg. No.: |
007311 |
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CIN No.: [Company Identification
No.] |
U40101GJ1984PTC007311 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMP02916E |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of inverter and Stabilizer |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 92000 |
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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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Top Floor, Shreyas Complex, Near Navrangpura Bus Stop, Opposite
Navrangpura Jain Derasar, Navrangpura, Ahmedabad – 380009, Gujarat, India
|
|
Tel. No.: |
91-79-26448277,26449008,66611277 |
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Fax No.: |
91-79-26420524 |
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E-Mail : |
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Factory : |
C1/3324/1, GIDC Chatral, District : Mehsana, Gujarat – India |
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Branches Office : |
Mohar, No.27/2, Dahanukar Colony, Kothrud, Pune -411038 |
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Tel. No.: |
91-20-25383456 |
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E-Mail : |
DIRECTORS
As on 18.09.2010
|
Name : |
Mr. Navnitbhai Jagjivan Das Parikh |
|
Designation : |
Managing Director |
|
Address : |
8, Suyash Bunglow, Opp Maharaja Agrasen School, Gurukul, Ahmedabad,
Gujarat, India |
|
Date of Birth/Age : |
16.04.1942 |
|
Date of Appointment : |
01.10.1984 |
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DIN No. |
00201563 |
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Name : |
Mr. Kishore Pranlal Parekh |
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Designation : |
Whole Time Director |
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Address : |
3/25, Maruti Apartments,Sola Road, Naranpura, Ahmedabad, Gujarat |
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Date of Birth/Age : |
11.01.1952 |
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Date of Appointment : |
01.10.1984 |
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DIN No. |
00201605 |
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Name : |
Mrs. Kokilaben Navnitbhai Parikh |
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Designation : |
Whole Time Director |
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Address : |
8, Suyash Bunglow, Opp Maharaja Agrasen School, Gurukul, Ahmedabad, Gujarat,
India |
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Date of Birth/Age : |
01.06.1946 |
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Date of Appointment : |
01.10.1984 |
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DIN No. |
01563343 |
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|
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Name : |
Mr. Bharat Manharlal Parikh |
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Designation : |
Director |
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Address : |
26, Saket Row House, Memnagar, Bus stand, Ahmedabad, Gujarat |
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Date of Birth/Age : |
16.06.1965 |
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Date of Appointment : |
01.10.1984 |
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DIN No. |
01582564 |
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Name : |
Mrs. Shital Navnitbhai Parikh |
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Designation : |
Director |
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Address : |
8, Suyash Bunglow, Opp Maharaja Agrasen School, Gurukul, Ahmedabad,
Gujarat, India |
|
Date of Birth/Age : |
08.10.1973 |
|
Date of Appointment : |
01.04.2003 |
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DIN No. |
02806770 |
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|
|
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Name : |
Mr. Kunjbihari Jugalkishore Shah |
|
Designation : |
Director |
|
Address : |
A 101, Devraj Judges Bunglow, Square Bodakdev, Ahmedabad, Gujarat |
|
Date of Appointment : |
20.10.2005 |
|
DIN No. |
00622460 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Navnitbhai Jagjivandas Parikh |
|
370702 |
|
Kokilaben Navnitbhai Parikh |
|
152002 |
|
Sital Navnitbhai Parikh |
|
121500 |
|
Manharlal Jagjivandad Parikh |
|
53200 |
|
Bharat Manharlal Parikh |
|
1002 |
|
Kishorbhai Pranlal Parikh |
|
28102 |
|
Shital Navnitbhai Parikh |
|
225000 |
|
Kunjbihari Jugalkishore Shah |
|
40000 |
|
Total |
|
991508 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of inverter and Stabilizer |
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|
|
GENERAL INFORMATION
|
Customers : |
·
Cochin Shipyard Limited ·
B.E. Pump Private Limited ·
Corporated Consultance Eng. ·
Hamsa Diesed Corporation ·
Inland Marine Works Private Limited ·
Island Ship Repairers ·
Johson Pump India Limited ·
O.N.G.C. Limited ·
Sparko Electricals ·
Technocraft Power Private Limited ·
The Shalimar Works Limited ·
Vipul Shipyard |
|
|
|
|
Bankers : |
Bank of India, Navrangpura Branch, Swastik Char Rasta, C.G.Road,
Navrangpura, Ahmedabad-380009, Gujarat, India. |
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Banking
Relations : |
---- |
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Auditors : |
|
|
Name : |
Dinesh Shah and Company Chartered Accountant |
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Address : |
C/34, Silver Arc, Near Ellisbridge Railway Crossing, Ellisbridge,
Ahmedabad, Gujarat-380006, India |
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Telephone No. |
91-79-26577066 |
|
Mobile No. |
91-9825613015 |
|
PAN No. |
ABIPS3493C |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
991508 |
Equity Shares |
Rs.10/- each |
Rs.9.915
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.915 |
9.915 |
4.001 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13.103 |
11.415 |
7.235 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
23.018 |
21.330 |
11.236 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
4.340 |
7.398 |
|
|
TOTAL BORROWING |
0.000 |
4.340 |
7.398 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
23.018 |
25.670 |
18.634 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
1.664 |
1.637 |
1.725 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
21.458 |
4.654 |
3.487 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.579
|
6.897 |
7.282 |
|
|
Sundry Debtors |
4.043
|
8.057 |
1.729 |
|
|
Cash & Bank Balances |
0.799
|
11.485 |
14.149 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.934
|
0.017 |
3.416 |
|
Total
Current Assets |
20.355
|
26.456 |
26.576 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.300
|
4.632 |
8.775 |
|
|
Other Current Liabilities |
20.159
|
6.792 |
3.720 |
|
|
Provisions |
0.000
|
(4.347) |
0.659 |
|
Total
Current Liabilities |
20.459
|
7.077
|
13.154 |
|
|
Net Current Assets |
(0.104)
|
19.379 |
13.422 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.018 |
25.670 |
18.634 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
39.696 |
42.605
|
45.769 |
|
|
|
Other Income |
1.679 |
0.899 |
0.273 |
|
|
|
TOTAL |
41.375 |
43.504 |
46.042 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
31.165 |
34.769 |
38.560 |
|
|
|
Administrative Expenses |
4.200 |
3.987 |
3.555 |
|
|
|
Director’s Remuneration |
0.933 |
0.513 |
0.513 |
|
|
|
Loss on sale of Assets |
0.011 |
0.000 |
0.000 |
|
|
|
TOTAL |
36.309 |
39.269 |
42.628 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.066 |
4.235 |
3.414 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.264 |
0.239 |
0.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.802 |
3.996 |
3.224 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.160 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
3.642 |
3.996 |
3.224 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.176 |
2.880 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.673 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.80
|
9.18 |
7.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.60
|
10.17 |
7.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.80
|
14.22 |
11.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.18 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
0.33 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
3.74 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
Operation:
The Company has achieved a Sales of Rs.39.696 millions as compared to previous year Rs.42.605 millions. The
marginal decline in sales is due to the global slow down in the economy. During
the year, the company has earned net profit of Rs. 3.641 millions as compared
to previous year Rs.3.995 million, which reflects an impressive increase.
Form
8
|
Corporate identity number of the company |
U40101GJ1984PTC007311 |
|
Name of the company |
PARIKH POWER PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Top Floor,
Shreyas Complex, Near Navrangpura Bus Stop, Opposite Navrangpura Jain
Derasar, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge holder |
Bank of India, Navrangpura Branch,
Swastik Char Rasta, C. G. Road, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
Nature of instrument creating charge |
Supplemental Deed of Hypothecation
executed the Company to secure the modified and revised fund based and non
fund based aggregate facilities of Rs.20 million. |
|
Date of instrument Creating the charge |
04/09/2010 |
|
Amount secured by the charge |
Rs.20.000 million |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest CC Stocks - Book Debts - At 2.75% above
base rate presently 10.75% P.A. on monthly rest basis. L/c – I/C – 50% of normal charges Bank GUA – 50% of normal charges Terms
of repayment CC Stocks – 25% CC Book Debts – 40% L/c – I/C – 25% Bank Guarantee – 25% Margin CC Stocks – 25% CC Book Debts – 40% L/c – I/C – 25% Bank GUA – 25% Extent
and operation of the charge First and exclusive charge by way of
hypothecation charge on all movable property being plant and machinery,
stocks of MAT, book debts and other movable assets of the company to secure
the modified and revised fund based and non fund based aggregate limit to
Rs.20 million alongwith interest, add interest, penal interest, liquidated
damages, costs, charges, commission and all other amount due to the bank from
time to time of what so ever nature. Other
Amount Rs in Millions CC Stocks Book Debts -3.500 Letter of Credit - 10.000 Bank Guarantee - 10.000 Total Max - 20.000 |
|
Short particulars of the property charged
(Including location of the property) |
1) All Tan Movable Plant and machinery,
equipment and other movable assets of Company whether installed or not and
whether lying loose or in cases situated at C/1/3324/1 GIDC Estate, Phase IV,
Chhatral Tal Kalol Dist Gandhinagar 2) All Stocks of finished goods of
machinery, spares parts, stores, spares both present and future lying at
C/1/3324/1 GIDC Industrial Estate, Phase IV, Chhatral Tal Kalol Dist
Gandhinagar. 3) All the book debts, outstanding, money
receivables, claims, bills both present and future. |
|
Date of instrument modifying the charge |
10/10/2006 |
|
Particulars of the present modification |
Bank granted Addl Bank GUA of Rs.10.000
million and thus total FB & NFB LIM are modified and revised FM Rs.0.100
million to Rs. 20.000 million. Thus first & Excluding charges by way of
hypo on plant and machinery, stock of Material, book of Debts, other Movable
assets will operate for Rs.20 millions W.E.F.04.09.2010. |
Fixed Asset :
·
Air Conditioner
·
Air Cooler
·
Car Purchase
·
Computer
·
Cycle
·
Factory Building –
Chhatral
·
Factory Building – Kerala
·
Factory Electricity
Fitting – Kerala
·
Factory Electricity
Fitting – Chhatral
·
Factory Land Chatral
·
Factory Land Kerala
·
Furniture
·
Furniture M D’s Rest
·
Jeep Purchase A/c
·
Machinery
·
Maruti Car
·
Office Electricity
Fitting
·
Office Equipment
·
Refrigerator
·
Office Premises
·
Scooter Purchase
·
Testing Equipment
·
Typewriter
·
Xerox Machine
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.44.40 |
|
|
1 |
Rs.73.26 |
|
Euro |
1 |
Rs.65.17 |
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 |
4 |
|
--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 |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.