MIRA
INFORM REPORT
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Report Date : |
20.01.2011 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known
As : |
PARIXIT PLASTICS PRIVATE LIMITED |
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Registered
Office : |
301 to 308, 3rd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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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 and PVC Pipes, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 1600000 |
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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 pr 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) |
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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. Tanuj Sharma |
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Designation : |
Senior Manager |
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Contact No.: |
91-9974089272 |
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Date : |
19.01.2011 |
LOCATIONS
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Registered Office : |
301 to 308, 3rd Floor, |
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Tel. No.: |
91-79-65318121-24 |
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Mobile No.: |
91-9974089272 (Mr. Tanuj Sharma) |
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Fax No.: |
91-79-65318125 |
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E-Mail : |
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Website : |
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Area : |
6000 Sq. ft |
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Location : |
Owned |
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Factory : |
Survey No. 214/ 1, 214/ 2, VIrpur Bus Stop, P.O. Iyava, Taluka Sanand,
Ahmedabad – 382 170, Gujarat, India |
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Tel. No.: |
91-79-66318121 |
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Area : |
130000 Sq. Mtrs |
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Location : |
Owned |
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Branch Office : |
Located at
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DIRECTORS
As on 08.09.2010
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Name : |
Mr. Amrutbhai I. Patel |
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Designation : |
Chairman and Managing Director |
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Address : |
16, Abhishree Residency, in Between Rajpath Club to 100 Ring Road, IV
Ambli Taluka Daskroi, Ahmedabad-380 059, Gujarat, India |
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Date of Birth/Age : |
20.07.1949 |
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Qualification : |
B.Sc. Chemistry |
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Date of Appointment : |
01.04.2009 |
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Name : |
Mr. Parixit A. Patel |
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Designation : |
Managing Director |
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Address : |
16, Abhishree Residency, in Between Rajpath Club to 100 Ring Road, IV
Ambli Taluka Daskroi, Ahmedabad-380 059, Gujarat, India |
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Date of Birth/Age : |
01.08.1976 |
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Qualification : |
Mechanical Engineering |
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Date of Appointment : |
01.04.2009 |
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Name : |
Mr. Jashbhai Dahyabhai Patel |
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Designation : |
Director |
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Address : |
Lane No. 18/392, Satyagrah Chhavni, Satellite, Ahmedabad- 380015,
Gujarat, India |
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Date of Birth/Age: |
03.50.1953 |
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Date of Appointment : |
30.12.2006 |
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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 Nagar, |
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Date of Birth/Age : |
23.07.1947 |
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Qualification : |
Graduate |
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Date of Appointment : |
06.12.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Tanuj Sharma |
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Designation : |
Senior Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2010
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Names of Shareholders |
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No. of Shares |
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3082700 |
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Narmadaben K. Patel |
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3000 |
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Narmadaben A. Patel |
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331850 |
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Parixit A. Patel |
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827300 |
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202400 |
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Piyushbhai M. Patel |
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1800 |
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Sureshbhai Kashibhai Patel |
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2000 |
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Meenaben S. Patel |
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4000 |
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Vishnubhai Shankarbhai Patel |
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1000 |
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Binaben P. Patel |
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29450 |
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Parixit A. Patel Jointly with |
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60200 |
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96000 |
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Total
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4641700 |
As on 08.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Drip Irrigation Systems, Sprinkler Systems, HDPE and PVC Pipes, etc. |
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Products : |
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Exports : |
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Products : |
HDPE and PVC
Pipes |
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Countries : |
Europe, |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 to 60 to 90 days) |
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Purchasing : |
Cash, Credit (30 to 60 to 90 days) |
PRODUCTION STATUS AS on 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Ball Valves |
Nos |
25000 |
9245 |
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Pipes |
Mtrs. |
22500 |
710588 |
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Fittings |
Nos |
280000 |
227051 |
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Drip Set |
Sets |
22500 |
13711 |
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Sprinkler Set |
Sets |
24000 |
10983 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users, OEM’s
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No. of Employees : |
750 (Approximately) |
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Bankers : |
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Facilities : |
Notes: a) Term loans from Banks and others for
company’s project are secured by equitable mortgage of land and building and hypothecation
of plant and machinery. The loans are also secured by the personal guarantee
of some directors. Amount payable in respect of such loans within next one
year is Rs.23.165 millions. b) Term loans from Banks for purchase of
vehicles being finance availed for purchase of vehicles and are secured by
hypothecation of vehicles financed by Banks. Amount payable in respect of
such loans within next one year is Rs.12.282 millions. c) Term loan from financial institution being
finance availed from LIC of India and secured by pledge of Keyman Insurance
Policy. d) Working Capital Loans from Banks are
secured by hypothecation of stock of raw materials, goods in process,
finished goods, book debts and personal guarantee of some of Directors. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Manubhai and
Company Chartered
Accountants |
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Address : |
2nd
Floor, B Wing, Premium House, Near Gandhigram Railway Station,
Navrangpura, Ahmedabad – 380 009, |
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Tel. No.: |
91-79-26580956/ 26580966/ 26582484/ 26585064 |
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Fax No.: |
91-79-26583573 |
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E-Mail : |
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Website : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 08.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4641700 |
Equity Shares |
Rs.10/- each |
Rs.46.417 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
46.417 |
46.417 |
46.417 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
357.064 |
225.909 |
145.740 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
403.481 |
272.326 |
192.157 |
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LOAN FUNDS |
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1] Secured Loans |
655.267 |
375.777 |
292.475 |
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2] Unsecured Loans |
11.415 |
45.510 |
46.330 |
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TOTAL BORROWING |
666.682 |
421.287 |
338.805 |
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DEFERRED TAX LIABILITIES |
28.974 |
25.443 |
19.790 |
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TOTAL |
1099.137 |
719.056 |
550.752 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
347.801 |
207.320 |
215.073 |
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Capital work-in-progress |
1.502 |
0.000 |
6.136 |
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INVESTMENT |
0.081 |
0.081 |
0.188 |
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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 |
375.668
|
165.279
|
110.896 |
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Sundry Debtors |
411.891
|
385.612
|
270.246 |
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Cash & Bank Balances |
51.690
|
29.692
|
26.644 |
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Other Current Assets |
21.110
|
0.000
|
0.000 |
|
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Loans & Advances |
50.816
|
52.810
|
44.122 |
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Total
Current Assets |
911.175
|
633.393
|
451.908 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
101.268
|
70.485 |
85.834 |
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Other Current Liabilities |
16.353
|
17.146
|
24.909 |
|
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Provisions |
43.801
|
34.107
|
11.810 |
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Total
Current Liabilities |
161.422
|
121.738
|
122.553 |
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Net Current Assets |
749.753
|
511.655
|
329.355 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1099.137 |
719.056 |
550.752 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
725.566 |
497.952 |
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Other Income |
|
19.644 |
18.765 |
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TOTAL (A) |
1098.800 |
745.210 |
516.717 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
426.468 |
282.611 |
|
|
|
Manufacturing & Other Expenses |
|
55.090 |
76.854 |
|
|
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Remuneration and Benefits to Employees |
|
32.992 |
18.937 |
|
|
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Administrative Expenses |
825.200 |
20.204 |
12.909 |
|
|
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Selling and Distribution expenses |
|
52.954 |
45.811 |
|
|
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Dimunition in value of investment |
|
0.107 |
0.374 |
|
|
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Increase/Decrease in Finished Goods/ WIP |
|
(27.604) |
(44.457) |
|
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|
Prior Period Adjustment |
|
1.653 |
0.000 |
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|
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TOTAL (B) |
825.200 |
561.864 |
393.039 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
273.600 |
183.346 |
123.678 |
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|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
74.400 |
52.254 |
37.161 |
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|
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|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
199.200 |
131.092 |
86.517 |
|
|
|
|
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.100 |
23.364 |
14.538 |
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|
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PROFIT BEFORE
TAX (E-F) (G) |
172.100 |
107.728 |
71.979 |
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Less |
TAX (H) |
28.000 |
22.128 |
18.537 |
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PROFIT AFTER TAX
(G-H) (I) |
144.100 |
85.600 |
53.442 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
118.289 |
64.847 |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
14.500 |
2.200 |
-- |
|
|
|
Proposed Dividend on Equity Shares |
13.000 |
4.642 |
-- |
|
|
|
Tax on Proposed Dividend |
312.900 |
0.789 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
312.900 |
196.258 |
118.289 |
|
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|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
5.982 |
3.561 |
NA |
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
73.657 |
22.232 |
NA |
|
|
|
Capital Goods |
123.431 |
0.108 |
NA |
|
|
TOTAL IMPORTS |
197.088 |
22.340 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
31.05 |
18.44 |
NA |
|
Expected Sales (2010-2011) : Rs.1500.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.11
|
11.49
|
10.34 |
|
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|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
14.85
|
14.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.91
|
12.81
|
10.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.40
|
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.05
|
1.99
|
2.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.64
|
5.20
|
3.69 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Due to Micro, Medium
and Small Enterprises |
4.159 |
1.521 |
-- |
|
- Others |
97.108 |
68.964 |
85.834 |
Note:
The registered office of the company has been shifted from Plot No.
4912, Phase IV, GIDC, VATWA, Ahmedabad – 382 445, Gujarat to the present address
w. e. f. 14.12.2007.
Bankers Charges
Report as per Registry
|
Name of the company |
PARIXIT INDUSTRIES LIMITED |
|
Presented By |
Mr. Amrutbhai I.
Patel, Director |
|
1.Date and
description of instrument creating the change |
Memorandum of Entry
dated 31.03.2005 |
|
2.Amount secured
by the charge/amount owing on the securities of charge |
Rs.110.000
millions only Facility Amount Cash Credit Rs.80.000 millions Term Loan Rs.5.000 millions Bank
Guarantee Rs.25.000
millions
-----------------
Rs.110.000 millions
---------------- |
|
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 and 806, Adm 735 sq.fts and 540 sq. fts.
Respectively In Silver Oak Commercial Complex of Emerald 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. |
|
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. |
|
5. Name and
Address and description of the person entitled to the charge. |
Axis Bank
Limited, |
|
6) Date and brief description of instrument modifying the charge |
Memorandum of
Entry i.e. equitable mortgage of despite of title deeds dated 02.06.2005 |
|
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. |
The said charge
was further extended over the properties. |
|
Corporate
identity number of the company |
U25200GJ1989PLC012672 |
|
Name of the
company |
PARIXIT INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
301 to 308, 3rd Floor, E-Mail: ho@parixit.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10070372 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of E-Mail: mclau.zoahm@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Indenture of
mortgage deed dated 11-03-2010 |
|
Date of
instrument Creating the charge |
11.03.2010 |
|
Amount secured by
the charge |
Rs.1115.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest A. SBI : as per agreement for various sanction
credit facilities B. Exim Bank : 5% over LIBOR for FCTL of Exim
Bank with quarterly rests. Terms of
Repayment As Per Agreement Margin Raw Materials-
25% Stock-in-Process-
25% Finished
Goods-25% Book
Debts/Receivable-35% Land and
Buildings/Plant and Machinery (Various for different term loan)- 15% 2. For Exim Bank
12.25% of Plant and Machinery value Extent and
Operation of the charge 1.. SBI has 1st
Charge on all Immovable Properties listed at Sr. No.15 (i) to (ix) bellow,
(and both Present and future), for its enhanced credit facilities aggregating
to Rs.988.000 millions 2.Exim Bank has 2nd
Charge on all Immovable Properties listed at Sr. No.15 (i) to (ix) bellow
(and both Present and future), for its Foreign Currency Term Loan equivalent
to Rs.127.500 millions for machinery acquired/to be acquired therefrom 3. Exim Bank's
2nd Charge is subject to 1st charge of SBI |
|
Short particulars
of the property charged |
Equitable
Mortgage Of Office No 706
In 'Silver Oaks Commercial Complex' At
Paldi(Sim) Ta.City Dist. Ahmedabad, Sub Dist. Ahmedabad-4(Paldi) Bearing Sub
Plot No.3/B Of Final Plot No.985 Of Tps No. 3 Together With Structures Office No 806
In 'Silver Oaks Commercial Complex' At
Paldi (Sim) Ta.City Dist. Ahmedabad, Sub Dist. Ahmedabad-4( Paldi) Bearing
Sub Plot No.3/B Of Final Plot No.985 Of Tps No. 3 Together With Structures Office No
301to304 In 'Silver Oaks Commercial Complex' At Paldi (Sim) Ta. City Dist.
Ahmedabad, Sub Dist. Ahmedabad-4 (Paldi) Bearing Sub Plot No.3/B Of Final
Plot No.985 Of Tps No. 3 Together
Structures All Pieces And
Parcels Of Land At Khoda(Sim) Ta. Sanand Dist. Ahmedabad Bearing Survey No.
175/Part Adm. 25656sq. Mts Out Of Total 32066 Sq Mts. Together With
Construction and Fixed Structures Installs All Pieces And
Parcels Of Land At Iyava(Sim) Ta. Sanand Dist. Ahmedabad Bearing Survey No.
214/1part-2 Adm. 24282sq. Mts. Together With Construction and Fixed
Structures Installs. All Pieces and
Parcels Of Land At Iyava(Sim) Ta. Sanand Dist. A'bad Bearing Survey No.
214/2/Part 4/Part 2 Adm. 1809 Sq. Mts. Out Of 22930 Sq Mts Together With
Construction and Fixed Structures Installs. House No. 16,
Abhishree Residency, Ambli, Ahmedabad
Having Land Adm About.1281.77 Sq Mts
With Construction At Ambli (Sim) Ta. Dascroi, Dist. A'bad Block No.
135.157,158 A and 68 (Fp 82, 88, 7/1 and 53 Of Tps 212 and 215 |
|
Date of latest
modification prior to the present modification |
10.03.2010 |
|
Particulars of
the present modification |
1. SBI's existing
1st Charge over the Immovable Properties extended to secure and cover SBI's
enhanced and increased credit facilities aggregating to Rs.988.000
millions 2. The Exim Banks
has 2nd charge on the Immovable Property of the Company only 3. SBi charge is
further extended on immovable property of the Chairman cum Managing Director
detailed at sr. no. 15(ix) above. 4. SBI has 2nd
Charge on P and M on which Exim has 1st exclusive charge. |
FINANCIAL PERFORMANCE
This is yet
another year of all round growth. Turnover and other Receipts increased by
47.45% compared to increase of 44.22% in last year over year before. Gross
sales crossed Rs.1000.000
millions mark to post a gross turnover of Rs.1116.500 millions. EBIDTA increased from Rs.185.000 millions to
Rs.273.500 millions i.e. an increase of 47.84% in consonance with growth in
Turnover. EBIDTA has remained at same level of 25% of Turnover as in previous
year. Net profit showed a jump of 68.39% to Rs.144.100 millions (13.12% of
Turnover) from Rs.85.600 millions in 2008-09 (11.49% of Turnover). EPS
substantially increased from Rs.18.44
per equity share in 2008-09 to Rs.31.05
in 2009-10. These landmarks assume more significance and are achieved for 3rd
year in succession. The company, due to its timely measures and sales drive and
with the expansion of its capacities as a continuous measure, could achieve the
growth which though moderate in terms of profitability on sales, is significant
in terms of increase in sales over last year.
REVIEW OF OPERATIONS
Growth All the
Way, On All Counts
The growth and
profits posted by the company were achieved in a year of slow global recovery
from the sump witnessed by all during year 2008-09. Thus the year 2009-10 still
had some aftermath of the previous year financial and industrial slump. However
the recovery was tangible and growing speed. The Companies 3rd year in a raw of
such growth performance assumes more significance in this context. The Company posted
yet another year of scintillating growth because of expansion it implemented
during the year and large export orders executed for the first time, during the
year .
The company is
operating in agro infrastructure sector and is engaged in agro/farming
equipment manufacturing and installing these Micro Irrigation Systems (MIS) in
various farming land plots of farmers in several states in
The company
achieved another distinction by crossing a landmark of 7 100 crore of
turnover for the year, to post a gross sales of 7 111.65 crore. Not only
that the company for the first time achieved export of 7 18.67crore
(direct and indirect) during the year.
Once the 7 100
crore mark is crossed, the directors believe, the company will be growing at a
still faster rate. Resource mobilization will also be easier and cost economic
now onward.
Expansion - An Exercise
Continued:
The directors are
proud to report installing new state of the art production lines during 2"
half of the year commissioning additional capacities of manufacturing 4.00 lac
meters per day of lateral/emitting pipes. This is a 200% capacity expansion for
the lateral/emitting pipes and together with existing Capacity of 2.00 lac
meters per day, will be able to cater to irrigation of 30000 hectors p.a. The
total expansion with some buildings and other ancillary equipment has entailed
a CAPEX of Rs.222.500 millions. This expansion of 200% of existing capacities
just in one and half year of 300% expansion in capacities completed in 2007-08,
speaks volumes for the growth and rapid pace thereof the company is
successfully driving through.
And the company is
putting up yet another expansion on drawing board and plans for its completion
in a year or so.
CURRENT YEAR
OUTLOOK
The outlook and
prospects for current year looks bright and full of possibilities for yet
another growth year, a repeat of last year's performance and some more. The
sales upto May 2010 i.e. in first 2 months of the current year at Rs.213.300
millions is 63% higher than the sales in the same period last year. * Spurred
by the growth in 3 successive years, near 100% capacity utilization in the main
product - lnline MIS and easing of industrial and financial scenario after the
crisis last year and successful changes and expansions as mentioned above, the
management recognizes that yet another
Expansion is
necessary in capacities. The expansion under planning will be for more
production capacities with advanced technologies. As mentioned later on, MIS
and pipes are basic inputs for national growth and are also markets for the
company.
The company has
good orders on hand and will continue with strong momentum of growth in current
financial year by virtue of excellent projects in Micro Irrigation, HDPE pipes
and Rigid PVC pipes.
THE MIS SCENARIO and FUTURE
PROSPECTS
The micro
irrigation sector and Polymer Pipes are ever growing areas, are basic to the
nation's growth and are also market for the company. These sectors are going to
consume the company's capacities - even with expansions - for decades to come.
With only about 5% of potential land covered under MIS installations in
The company is
already doing bulk business as a prime supplier of MIS to Gujarat Green
Revolution Company Limited (Gujarat Government's nodal agency for MIS
installations) and A.P. Micro irrigation Projects (nodal agency for Andhra
Pradesh Government for MIS installations). The company is registered with 13
states in
Big Corporate/Co-operatives are coming forward
for cultivation of medicinal plants, bio fuel plant and cash crops and requires
MIS installations for the same. Here their company is poised to tap and avail
advantage of further opportunity.
Rigid PVC pipes, HDPE
pipes, Compression Fittings market potential is also increasing due to
infrastructure boom in the country and company is taking steps to capture
significant share of this increased market.
Looking to the
all-round progress of the company, full capacity operations in lnline MIS and
bright future outlook, the company has envisaged expansion in capacities in
lnline Micro irrigation Systems to meet with future demand and improve top line
and bottom line. Post expansion, the operations of the company and resulting
financials will grow even further.
The Directors are
working towards Rs.5000 millions sales mark in next 3 years and Rs.100.000
millions mark in next 7-8 years. Looking to almost limitless market in MIS
sector, the targets are not far fetched.
Trade references
- Larsen and Turbo Limited
- Lupin Laboratories Limited
- Zydus Cadila Limited
FIXED ASSETS
- Land
- Plant and Machinery
- Office Equipments
- Furniture and Fixture
- Vehicles
WEBSITE DETAILS:
The Parixit Group
is a 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,
Today subject is one of the Groups in
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
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
Subject always strives for value addition in products, comprehensive advisory
and after-sales services 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,
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.45.38 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.61.15 |
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 |
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 |
YES |
|
--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.