MIRA
INFORM REPORT
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Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
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Name : |
PRICE PUMPS PRIVATE LIMITED |
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Registered Office : |
8 Hind Service Industrial Estate, Ground Floor, Sant Gyaneshwar Road,
Shivaji Park, Mumbai – 400028, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
05.10.1987 |
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Com. Reg. No.: |
11-44883 |
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CIN No.: [Company
Identification No.] |
U29120MH1987PTC044883 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP16367B |
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PAN No.: [Permanent
Account No.] |
AAACP2727J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
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Manufacturer and Exporter of Air - Operated Double Diaphragm Pumps. |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 120000 |
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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 and reputed company having fine track.
Trade relations are fair. Payments are usually correct and as per commitments.
Financial position is good. The company can be considered good for any normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business
partners in a medium to long run. |
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. Sandeep Chandan |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9920027255 |
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Date : |
21.02.2011 |
LOCATIONS
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Registered
Office / Factory : |
8 Hind Service Industrial Estate, Ground Floor, Behind Park Way Hotel,
Sant Gyaneshwar Road, Shivaji Park, Mumbai - 400028, Maharashtra, India |
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Tel. No.: |
91-22-24440582/24442592 |
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Fax No.: |
91-22-24440588 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As On : 29.09.2010
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Name : |
Mr. Bharat Navinchandra Shah |
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Designation : |
Director |
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Address : |
7, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai - 400007, |
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Date of
Birth/Age : |
24.11.1949 |
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Date of Appointment
: |
01.12.1989 |
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DIN No : |
00317471 |
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Name : |
Mrs. Rupa Bharat Shah |
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Designation : |
Director |
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Address : |
7, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai - 400007, |
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Date of
Birth/Age : |
06.06.1956 |
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Date of
Appointment : |
15.11.1990 |
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DIN No : |
00333563 |
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Name : |
Mr. Dhaval Bharat Shah |
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Designation : |
Director |
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Address : |
7, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai - 400007, |
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Date of
Birth/Age : |
16.06.1984 |
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Date of
Appointment : |
01.04.2006 |
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Other
Directorship Held : |
Dia Flow Vavles Private Limited CIN No. U29120MH1997PTC108487 |
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DIN No : |
00216330 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Bharat Navinchandra Shah |
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920 |
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Mrs. Rupa Bharat Shah |
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1540 |
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Total |
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2460 |
AS ON 29.09.2010
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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 : |
Manufacturer and Exporter of Air - Operated Double Diaphragm Pumps. |
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Products : |
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Exports : |
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Products : |
Air-Operated Double Diaphragm Pumps |
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Countries : |
§
Australia §
South Africa §
USA |
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Imports : |
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Products : |
Ø Raw Materials Ø Finished Goods |
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Countries : |
§
France §
USA |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Air Operated Diaphrams Pumps - S.S. Centrifugal Pumps |
Nos. |
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500 |
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GENERAL INFORMATION
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Customers : |
Ø Others Ø Manufacturer |
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No. of Employees : |
60 (20 in Office and 40 in Factory) (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 : |
Pradeep B Bhatt and Company Chartered Accountant |
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Address : |
53/54, Krishna Niwas, 4th Floor, Near |
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Sister Concern : |
Dia Flow Values Private Limited, Dadar, Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2460 |
Equity Shares |
Rs. 100/- each |
Rs. 0.246
million |
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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 |
0.246 |
0.246 |
0.246 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.247 |
25.834 |
19.804 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.493 |
26.080 |
20.050 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.030 |
0.259 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.030 |
0.259 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.060 |
0.000 |
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TOTAL |
31.493 |
26.170 |
20.309 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.457 |
7.228 |
6.530 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.580 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.050 |
0.000 |
0.083 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.612
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4.968 |
5.824 |
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Sundry Debtors |
12.489
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10.328 |
11.120 |
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Cash & Bank Balances |
10.827
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9.702 |
3.353 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
5.286
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6.730 |
4.952 |
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Total
Current Assets |
33.214
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31.728 |
25.249 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000
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0.000 |
0.287 |
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Other Current Liabilities |
7.636
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5.917 |
6.827 |
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Provisions |
4.172
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6.869 |
4.439 |
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Total
Current Liabilities |
11.808
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12.786 |
11.553 |
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Net Current Assets |
21.406
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18.942 |
13.696 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.493 |
26.170 |
20.309 |
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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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Income |
51.208 |
42.793 |
33.670 |
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Other Income |
0.617 |
1.875 |
0.122 |
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TOTAL |
51.825 |
44.668 |
33.792 |
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Less |
EXPENSES |
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Cost of Sales |
32.477 |
27.772 |
22.255 |
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Administrative Expenses |
9.828 |
6.920 |
5.088 |
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TOTAL |
42.305 |
34.692 |
27.343 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.520 |
9.976 |
6.449 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.717 |
1.351 |
1.225 |
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PROFIT BEFORE
TAX |
7.803 |
8.625 |
5.224 |
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Less |
TAX |
2.390 |
2.572 |
1.672 |
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PROFIT AFTER TAX |
5.413 |
6.053 |
3.552 |
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Less |
Prior
period expenses |
0.000 |
0.023 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
5.413 |
6.030 |
3.552 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
6.598 |
6.685 |
5.160 |
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TOTAL EARNINGS |
6.598 |
6.685 |
5.160 |
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IMPORTS |
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Raw Materials |
2.492 |
0.890 |
0.120 |
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Others |
1.069 |
0.237 |
0.000 |
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TOTAL IMPORTS |
3.561 |
1.127 |
0.120 |
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Earnings Per
Share (Rs.) |
2200.24 |
2460.79 |
1443.66 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
10.44
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13.55 |
10.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
15.24
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20.16 |
15.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.27
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22.14 |
16.44 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25
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0.33 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.37
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0.49 |
0.59 |
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Current Ratio (Current Asset/Current Liability) |
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2.81
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2.48 |
2.19 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Address of company has been shifted from Gamdevi, Mumbai – 400007, Maharashtra, India to the present address w.e.f. 01.09.2006.
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
TRADE REFERENCE :
Ø
Reliance Industries
Ø
Sudarshan Chemicals
Limited
Ø
Essar Limited
WEB SIDE DETAILS
PROFILE
Being a professionally managed and
customer oriented company, subject has
achieved a reputed position in the pump industry. Their company is a well known
manufacturer of different types of Air Operated Double
Diaphragm Pumps. These pumps are self
priming, which can handle viscous and abrasive products and run dry without
damage. Additionally, they do not employ costly motors, variable speed drives,
by-pass plumbing or mechanical seals. These are some of the characteristics
that make them wide in demand in the market.
The pumps manufactured
by their company are widely used across the industry to suit many purposes like
food processing, pharma, chemical, textile, steel plant, power generation
plant, sugar mill, paper mill, etc. The pumps have advanced features such as
corrosion resistance, stain resistance, smooth operation, high efficiency, and
many others that make them efficient enough to cater to specific requirements
of users.
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.45.18 |
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|
1 |
Rs.72.79 |
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Euro |
1 |
Rs.62.15 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL
CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT
FACTORS |
YES/NO |
YES |
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TOTAL |
|
58 |
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.