MIRA
INFORM REPORT
|
Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
PALVI POWERTECH SALES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
228, Arpan Complex, |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2010 |
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|
|
Date of
Incorporation : |
27.01.2006 |
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|
|
|
Com. Reg. No.: |
04-47606 |
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|
Capital
Investment / Paid-up Capital : |
Rs.2.500 millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U51909GJ2006PTC047606 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDP02169G |
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PAN No.: [Permanent Account No.] |
AADCP8242K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter and Importer of Air Ventilators, Minerals, Ores,
Chemicals, Metals, Engineering Items, Electrical Products, Agro Products, Hot
Dip Galvanizing Plants, Refractory Material, etc |
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|
|
|
No. of Employees
: |
Information declined by the management. |
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 75000 |
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|
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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.
INFORMATION DECLINED BY
|
Name : |
Mr. Tausif |
|
Designation : |
Accounts Manager |
|
Date : |
07.09.2011 |
LOCATIONS
|
Registered Office : |
228, Arpan Complex, |
|
Tel. No.: |
91-265-2785055 / 2750955 |
|
Fax No.: |
91-265-2785055 / 2750955 |
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E-Mail : |
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|
Website : |
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Factory : |
155/2, GIDC Industrial EstateNandesari District, Vadodara 39134, |
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Tel. No.: |
91-265-2785055 |
DIRECTORS
As on 31.08.2010
|
Name : |
Mr. Govindlal Maganlal Mehta |
|
Designation : |
Director |
|
Address : |
3, Silver Oak Duplex, New Sama Road, Vadodara – 390 002, |
|
Date of Birth/Age : |
11.01.1932 |
|
Date of Appointment : |
27.01.2006 |
|
DIN No.: |
01594703 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U51909GJ2006PTC047606 |
Palvi Powertech
Sales Private Limited |
Director |
27-01-06 |
27-01-06 |
- |
Active |
NO |
|
|
|
|
Name : |
Mrs. Vibha Himanshu Mehta |
|
Designation : |
Director |
|
Address : |
3, Silver Oak Duplex, New Sama Road, Vadodara – 390 002, |
|
Date of Birth/Age : |
09.04.1970 |
|
Date of Appointment : |
27.01.2006 |
|
DIN No.: |
01056802 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U51909GJ2006PTC047606 |
Palvi Powertech
Sales Private Limited |
Director |
27-01-06 |
27-01-06 |
Active |
NO |
|
|
|
|
Name : |
Mrs. Kavita Himanshu Das |
|
Designation : |
Director |
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Address : |
K 7, Vrundavan Estate, |
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Date of Birth/Age : |
20.01.1959 |
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Date of Appointment : |
27.01.2006 |
|
DIN No.: |
01594753 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U51909GJ2006PTC047606 |
Palvi Powertech
Sales Private Limited |
Director |
27-01-06 |
27-01-06 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Govindlal Maganlal Mehta |
|
350000 |
|
Vibha Himanshu Mehta |
|
350000 |
|
Kavita Himanshu Das |
|
300000 |
|
Total |
|
1000000 |
List of Allottees (As on 31.08.2010)
|
Names of Allottees |
|
No. of Shares |
|
Govindlal Maganlal Mehta |
|
262500 |
|
Vibha Himanshu Mehta |
|
262500 |
|
Kavita Himanshu Das |
|
225000 |
|
Total |
|
750000 |
As on 31.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Importer of Air Ventilators, Minerals, Ores,
Chemicals, Metals, Engineering Items, Electrical Products, Agro Products, Hot
Dip Galvanizing Plants, Refractory Material, etc |
|
|
|
|
Products : |
·
Chemicals ·
Fly Ash ·
Minerals and Ores ·
Metals ·
Electrical Products ·
Agro Commodities ·
Engineering Products ·
Refractory Materials ·
Air ventilator ·
Hop Dip Galvanizing Plants |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|||||||||||||||||||||||||||||||||
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Bankers : |
·
Indian Bank 1, Sujata Society, Hari Nagar Char Rasta, ·
Oriental Bank of Commerce ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S G Kini and Company Chartered Accountant |
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Address : |
206/207, |
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Tel. No.: |
91-265-2785533 / 6452751 |
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Mobile No.: |
91-9898992751 |
CAPITAL STRUCTURE
As on 31.08.2010
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 |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 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 |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16.163 |
9.024 |
1.071 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
18.663 |
11.524 |
3.571 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19.371 |
(0.063) |
11.570 |
|
|
2] Unsecured Loans |
0.511 |
0.200 |
0.333 |
|
|
TOTAL BORROWING |
19.882 |
0.137 |
11.903 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
38.545 |
11.661 |
15.474 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12.638 |
2.700 |
1.838 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.171
|
18.996 |
0.000 |
|
|
Sundry Debtors |
52.685
|
10.055 |
43.629 |
|
|
Cash & Bank Balances |
26.750
|
39.034 |
5.060 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.772
|
8.519 |
1.067 |
|
Total
Current Assets |
95.378
|
76.604 |
49.756 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.232
|
48.785 |
29.106 |
|
|
Other Current Liabilities |
10.980
|
12.494 |
4.320 |
|
|
Provisions |
8.259
|
6.364 |
2.694 |
|
Total
Current Liabilities |
69.471
|
67.643 |
36.120 |
|
|
Net Current Assets |
25.907
|
8.961 |
13.636 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
38.545 |
11.661 |
15.474 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
408.652 |
445.611 |
196.880 |
|
|
|
Interest Income |
1.622 |
0.857 |
0.105 |
|
|
|
Other Income |
5.403 |
5.711 |
2.545 |
|
|
|
TOTAL (A) |
415.677 |
452.179 |
199.530 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption |
316.882 |
344.161 |
159.478 |
|
|
|
Direct Expenses |
51.391 |
77.292 |
31.195 |
|
|
|
Indirect Expenses |
33.430 |
15.374 |
5.488 |
|
|
|
Directors Remuneration |
3.600 |
2.520 |
1.680 |
|
|
|
TOTAL (B) |
405.303 |
439.347 |
197.841 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.374 |
12.832 |
1.689 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.374 |
12.832 |
1.689 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.485 |
0.239 |
0.106 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.889 |
12.593 |
1.583 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.750 |
4.640 |
0.541 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.139 |
7.953 |
1.042 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
7.139 |
7.953 |
1.042 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.56 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.72
|
1.76 |
0.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.42
|
2.83 |
0.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.16
|
15.88 |
3.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
1.09 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.79
|
5.88 |
13.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.13 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
Sundry Creditors |
50.232 |
48.785 |
29.106 |
|
Total |
50.232 |
48.785 |
29.106 |
FINANCIAL
PERFORMANCE
During the year, Company
recorded total income of Rs.415.677 millions against Rs.452.179 millions in the
previous year. Net Profit for the financial year ended 31st March, 2010
decreased to Rs.7.139 millions from Rs.7.952 millions in the previous year.
OPERATIONS
The company had normal operations in the last year reporting turnover of
Rs.408.652 millions during the year. The company has commenced its
manufacturing operations at Nandesari GIDC. During the next year the income
will increase since there will be Merchant Export as well as Manufacturing
sales.
FORM 8
|
Corporate identity number of the company |
U51909GJ2006PTC047606 |
|
Name of the company |
PALVI POWERTECH SALES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
228, Arpan Complex, |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Indian Bank 1, Sujata Society, Hari Nagar Char Rasta, |
|
Nature of instrument creating charge |
Equitable Mortgage Deed. |
|
Date of instrument Creating the charge |
25.01.2011 |
|
Amount secured by the charge |
Rs.58.500 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest EPC- (BR+2), Presently 11 % FBN/FBP 90d- Presently 11 %
(Commission as per card rate) L/C ( DP/DA)/Bank Guarantee- Card rate Terms of Repayment EPC-12 Months FBN/FBP 90d-12 Months L/C ( DP/DA)/Bank Guarantee- 12 Months Margin EPC-20% on export order( FOB value) FBN/FBP 90d-10% L/C (DP/DA)/ Bank Guarantee- 25% cash margin Extent and Operation of the charge the charge is modified to secure the increased credit facilities of
Rs.58.500 millions EPC- 21.000 millions FBN/FBP 90d-20.000 millions L/C (DP/DA)/ Bank Guarantee- 17.500 millions Others The charge is further secured by the personal guarantees of the directors
of the company |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Plot no. 155/2 in the Nandesari Industrial Estate, Nandesari, Vadodara
lying being and situated on the land bearing Revenue Survey No. 490 and 491
of Village Mauje, Nandesari. |
FIXED ASSETS
·
Furniture and Fixtures
·
Computer
·
Printer
·
Software Tally
·
Car (Honda City and
Logan)
·
Air Conditioner
·
Tele Communication
·
Fax Machine
·
Sealing Machine
·
Scooter (Activa)
·
Cycle
·
Building
·
Office Equipments
·
Two Wheeler
·
Plant and Machinery
·
Electrical
Installation
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.46.38 |
|
|
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
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 |
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.