MIRA
INFORM REPORT
|
Report Date : |
21.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.V.K. ENGINEERS PRIVATE LIMITED |
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Registered
Office : |
8-3-293/B2/A/270R/A/ 1 Plot No. 270 E/A, Jubilee Hills, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.06.1991 |
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Com. Reg. No.: |
01-12787 |
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Capital
Investment / Paid-up Capital : |
Rs.19.133 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U29219AP1991PTC012787 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDP01390E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Designing of Engineering Products. |
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No. of Employees
: |
Not Available |
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 181000 |
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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 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
LOCATIONS
|
Registered Office : |
8-3-293/B2/A/270R/A/ 1 Plot No. 270 E/A, Jubilee Hills, |
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Tel. No.: |
91-40-23544558 |
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Fax No.: |
91-40-23544558 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 23, Phase – 4, I.D.A. Jeedimetla, |
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Tel. No.: |
91-40-23095436 |
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Fax No.: |
91-40-23096561 |
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E-Mail : |
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Factory 2 : |
M.C.H. # 985, Road # 10, Jubilee Hills, |
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Tel. No. : |
91-40-23542019 |
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Fax No. : |
91-40-23544558 |
DIRECTORS
As on 13.09.2010
|
Name : |
Mr. Venkata Krishna Reddy Panati |
|
Designation : |
Director |
|
Address : |
Plot No. 270 E/A, Road No. 10, Jubilee Hills, |
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Date of Birth/Age : |
05.05.1949 |
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Date of Appointment : |
12.06.1991 |
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DIN No. : |
00308975 |
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Name : |
Mr. Radha Krishna Reddy Panati |
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Designation : |
Director |
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Address : |
Plot No. 270 E/A, Road No. 10, Jubilee Hills, |
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Date of Birth/Age : |
05.05.1949 |
|
Date of Appointment : |
12.06.1991 |
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DIN No. : |
00309081 |
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Name : |
Mr. Veera Anjaneyulu Kota |
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Designation : |
Director |
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Address : |
H. No. SRT 610, Opp. Vinayaka Ground, Sanathnagar, |
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Date of Appointment : |
18.08.2010 |
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DIN No. : |
03154990 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Venkata Krishna Reddy Panati |
|
102465 |
|
Radha Krishna Reddy Panati |
|
64464 |
|
Oshin Investments and Finance Private Limited |
|
5000 |
|
Sidh Housing Development Company Limited |
|
19400 |
|
Total |
|
191329 |
As on 13.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Designing of Engineering Products. |
GENERAL INFORMATION
|
Customers : |
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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 : |
Ramana Reddy and Associates Chartered Accountant |
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Address : |
2nd Floor, My |
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Tel. No.: |
91-40-23316426 / 23316912 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
191329 |
Equity Shares |
Rs.10/-each |
Rs.19.133
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 |
19.133 |
12.893 |
4.893 |
|
|
2] Share Application Money |
0.006 |
0.006 |
9.305 |
|
|
3] Reserves & Surplus |
26.068 |
12.608 |
10.911 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
45.207 |
25.507 |
25.109 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
43.272 |
44.615 |
25.862 |
|
|
2] Unsecured Loans |
4.811 |
1.700 |
3.221 |
|
|
TOTAL BORROWING |
48.083 |
46.315 |
29.083 |
|
|
DEFERRED TAX LIABILITIES |
0.704 |
0.896 |
1.005 |
|
|
|
|
|
|
|
|
TOTAL |
93.994 |
72.718 |
55.197 |
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
10.348 |
8.442 |
10.252 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
63.873
|
52.478 |
13.462 |
|
|
Sundry Debtors |
64.366
|
18.152 |
36.604 |
|
|
Cash & Bank Balances |
1.196
|
0.734 |
2.334 |
|
|
Other Current Assets |
8.940
|
17.309 |
4.587 |
|
|
Loans & Advances |
21.104
|
24.156 |
29.269 |
|
Total
Current Assets |
159.479
|
112.829 |
86.256 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
65.141
|
38.440 |
21.642 |
|
|
Other Current Liabilities |
9.000
|
9.036 |
19.282 |
|
|
Provisions |
1.697
|
1.129 |
0.651 |
|
Total
Current Liabilities |
75.838
|
48.605 |
41.575 |
|
|
Net Current Assets |
83.641
|
64.224 |
44.681 |
|
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|
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|
|
MISCELLANEOUS EXPENSES |
0.005 |
0.052 |
0.264 |
|
|
|
|
|
|
|
|
TOTAL |
93.994 |
72.718 |
55.197 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
238.615 |
78.599 |
76.206 |
|
|
|
Other Income |
0.136 |
0.386 |
0.236 |
|
|
|
TOTAL (A) |
238.751 |
78.985 |
76.442 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / Decrease in Stocks |
(11.394) |
(39.016) |
1.204 |
|
|
|
Manufacturing Expenses |
190.091 |
97.392 |
59.705 |
|
|
|
Administrative and Selling Expenses |
44.433 |
12.285 |
8.933 |
|
|
|
Preliminary Expenses Written off |
0.000 |
0.001 |
0.001 |
|
|
|
TOTAL (B) |
223.130 |
70.662 |
69.843 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.621 |
8.323 |
6.599 |
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|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
9.109 |
4.421 |
2.713 |
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|
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|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.512 |
3.902 |
3.886 |
|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.209 |
1.185 |
1.189 |
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PROFIT BEFORE TAX
(E-F) (G) |
5.303 |
2.717 |
2.697 |
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|
Less |
TAX (I) |
1.604 |
1.020 |
0.584 |
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|
PROFIT AFTER TAX
(G-I) (J) |
3.699 |
1.697 |
2.113 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.608 |
10.911 |
8.798 |
|
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|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
16.307 |
12.608 |
10.911 |
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.34 |
13.17 |
43.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.55
|
2.15 |
2.76 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.22
|
3.46 |
3.54 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.12
|
2.24 |
2.79 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.11 |
0.11 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.74
|
3.72 |
2.81 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
2.32 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the year, the company has recorded a turnover of Rs.238.615 Millions
as against Rs.78.599 Millions in the previous year and earned a net profit of
Rs.5.304 Millions as against Rs.2.710
Millions in the previous year after providing depreciation of
Rs.1.209 Millions and financial charges of Rs.9.108 Millions as against
depreciation of Rs.1.185 Millions and financial charges of Rs.4.421 Millions in
the previous year.
FORM 8
|
Corporate
identity number of the company |
U29219AP1991PTC012787 |
|
Name of the
company |
P.V.K. ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
8-3-293/B2/A/270R/A/ 1 Plot No. 270 E/A, Jubilee Hills, |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
90135927 |
|
Type of charge |
Immovable
property Book debts Movable property Floating charge Others |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Hypothecation of Goods and assets. Supplemental
agreement of loan Supplemental
agreement of pledge of goods and assets Supplemental deed
of guarantee |
|
Date of instrument
Creating the charge |
24.06.2010 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: 1.00% above SBH
PLR currently 13.25% p.a (floating) Terms of
repayment : No change Margin : cash credit - Raw
Materials-25%, - stock in progress-25%, Finished Goods-25%, Receivables-50%,
Letters of credit-25%, Bank Guarantees-25%. Extent and
operation of the charge : First and
exclusive charge on stock of raw materials, stocks in progress, finished
goods, receivables and other current assets of the company (both present and
future). Others : Personal
Guarantee of Directors Mr. PVK Reddy and Mr. PRK Reddy |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Particulars of
the present modification |
Enhancement of
working capital limits: Cash Credit :
60.000 to 200.000 Millions Bank Guarantees
:24.000 to 30.000 Millions Letter of Credit
: 5.000 to 20.000 Millions No other Changes |
FIXED ASSETS
- Land
- Buildings
- Plant and
Machinery
- Office
Equipment
- Computers
- Furniture
- Car
WEBSITE DETAILS
Company Profile :
PVK and PRK ENGINEERS is a wholly owned subsidiary of PVK Engineers Private Limited.
P-V-K Engineers, a multi technology and innovative Engineering outfit was established in the year 1983 by Two Technocrats with a shared vision committed to deliver reliable Engineering Products and Services.
P-V-K's consistent growth over the last 25 years has been symbolized by diligent and committed contributions toward the Power, Cement, Petrochemical and Process and Allied Industries.
A new entity, by name PVK and PRK ENGINEERS, is registered to take care of wider area of engineering including the present activities of existing P-V-K Engineers Private Limited also.
The group has also established a well entrenched infrastructural base by participating in the formation of associate companies which serve to compliment its principal facilities, thereby rendering a key advantage in controlling project logistics and costs.
P-V-K Engineers is dedicated to world class Engineering Products (Design and Manufacturing). P-V-K is known for incorporating the high engineering standards in all products. This attentiveness to all particulars of each design phase enables the company to ensure enduring value to their 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.44.93 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.64.34 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
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.