|
Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRESSUREJET SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
62/13, Phase I, GIDC, Vatva, Ahmedabad 382 445, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.11.2006 |
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Com. Reg. No.: |
04 049331 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.400 Millions |
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CIN No.: [Company Identification
No.] |
U29120GJ2006PTC049331 |
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IEC No.: |
0802002226 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
AHMP00552G / AAECP0774H |
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PAN No.: [Permanent Account No.] |
AAEFP2710K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of High Pressure Plunger Pumps. |
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No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRAs Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 25000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company with moderate track. The company
is establishing itself gradually. The turnover and profitability of the
company appears to be improving satisfactorily. Trade relations are reported
as fair. Business is active. Payments are reported to be usually correct. The company can be considered good for small to mediocre business
dealings under 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 PARTED BY
|
Name : |
Mr. Amit Prajapati |
|
Designation : |
Account Executive |
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Contact No.: |
91-79-25830762 |
|
Date : |
07.06.2012 |
LOCATIONS
|
Registered Office/ Factory : |
62/13, Phase I, GIDC, Vatva, Ahmedabad 382 445, |
|
Tel. No.: |
91-79-25835598 / 25830762 / 25893868/ 32453758 |
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Mobile No.: |
91-9099779387 (Mr. Narayan) |
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Fax No.: |
91-79-25897220 |
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E-Mail : |
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Website : |
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Area : |
110 Sq. ft. |
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Location : |
Owned |
DIRECTORS
AS ON 30.07.2011
|
Name : |
Mr. Vishal Bipinchandra Shah |
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Designation : |
Managing director |
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Address : |
Flat-01, Sharanam Appartment, Jagabhai Park, L.G. Hospital Road, Maninagar, Ahmedabad 380008, Gujarat, India |
|
Date of Birth/Age : |
23.08.1970 |
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Date of Appointment : |
01.06.2010 |
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DIN No.: |
00068568 |
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Name : |
Mr. Ramesh Nagarbhai Patel |
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Designation : |
Director |
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Address : |
19 Yogeshwar Tenament, Opposite Krishnadham Society,
Vastral Ahmedabad 382415, |
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Date of Birth/Age : |
08.05.1971 |
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Date of Appointment : |
01.06.2008 |
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DIN No.: |
00290435 |
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Name : |
Mr. Atit Shaileshbhai Gandhi |
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Designation : |
Additional director |
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Address : |
D/5, Madhupuri Apartment, |
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Date of Birth/Age : |
22.06.1985 |
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Date of Appointment : |
30.07.2011 |
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DIN No.: |
03564108 |
KEY EXECUTIVES
|
Name : |
Parikh Dave and Associates |
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Designation : |
Company Secretaries |
|
Address : |
5-D, 5th Floor, Vardan Exclusive, Next to Vimal House, Near Stadium Petrol Pump, Navrangpura, Ahmedabad 380014, Gujarat, India |
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Email ID : |
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Tel No.: |
91-79-2640 5454 |
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|
|
|
Name : |
Mr. Amit Prajapati |
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Designation : |
Account Executive |
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Name : |
Mr. Narayan |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vishal B. Shah |
|
305075 |
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Ankit K. Gandhi |
|
100 |
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Ankur K. Gandhi |
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26525 |
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Sumitraben B. Shah |
|
1500 |
|
Jyotiben K. Gandhi |
|
1500 |
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Ankur K. Gandhi HUF |
|
100 |
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Jalpa A. Gandhi |
|
100 |
|
Kirit M. Gandhi |
|
100 |
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Vishal B. Shah HUF |
|
100 |
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Mukti A. Gandhi |
|
100 |
|
Ramesh N. Patel HUF |
|
100 |
|
Kirit M. Gandhi HUF |
|
100 |
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Sharad K. Parmar |
|
750 |
|
Ramesh N. Patel |
|
2250 |
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Arumugam N. Mudaliar |
|
750 |
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Dilip B. Tarar |
|
750 |
|
Nimita Desai |
|
100 |
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Total |
|
340000 |
AS ON 30.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Directors
or relatives of directors |
|
99.30 |
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Other
top fifty shareholders |
|
0.70 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of High Pressure Plunger Pumps. |
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Products : |
v
Car Washer v
Tube and Pipe Cleaning v
Water Sand Blasting v
High Pressure Plunger Pump v
Sewer Cleaning System v
High Pressure Washer v
Hydrostatic Test Pump v
Tank and Reactor Vessel Cleaning v
High Pressure Pump for RO System v
Hydroblaster v
Hot Water Pressure Cleaner v
Misting, Fogging, Cooling and Humidity Control
Pumps v
High Pressure v
Plunger Pumps v
High Pressure Triplex Pump |
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Exports : |
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Products : |
High Pressure Plunger Pumps |
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Countries : |
v
v
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Imports : |
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Products : |
Raw material |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit (30-60 days) |
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Purchasing : |
L/C, Credit (30-60 days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity** |
Actual
Production Qty |
|
Triplex Pumps |
Nos. |
N.A. |
N.A. |
345 |
|
Spares, accessories and others |
Nos. |
N.A. |
N.A. |
6913 |
Note: ** As explained by the management figures are not
ascertained in view of items diverse in size/ capacity and different in nature
of assembly as per specifications/ order of the customer.
GENERAL INFORMATION
|
Customers : |
v
Bharat Heavy Electric Limited v
v
N.T.P.C. v
Electrotherm India Limited v
KHS Machinery Private Limited v
Larsen and Toubro Limited v
Titanium Tantalum Products Limited v
Dinesh Oils Limited v
v
Balzers India Limited v
Texmaco Limited v
Amana Toyota v
Topsel v
Madhuban Toyota v
Binani Cement Limited |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
v
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West),
Mumbai 400013, Maharashtra, India v
Punjab National Bank, 71/1, Near Telephone
Exchange, GIDC Estate,Vatva
Branch, Ahmedabad 382445, Gujarat, India v
Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. K. Sadhwani and Company Chartered Accountants |
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Address : |
307, Labh Complex, Sattar Taluka Society, Opposite Sakar-III, P.O.
Navjivan Ahmedabad 380014, Gujarat, India |
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Tel. No.: |
91-79-27545423/ 27545835 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAECP0774H |
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Associates: |
Hydrojetting Private Limited |
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Associates/ Subsidiaries : |
Pressurejet Pumps Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
340000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.400
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
3.400 |
3.200 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.031 |
1.260 |
0.432 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.431 |
4.460 |
3.432 |
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LOAN FUNDS |
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1] Secured Loans |
14.437 |
7.288 |
7.229 |
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2] Unsecured Loans |
13.602 |
6.986 |
6.522 |
|
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TOTAL BORROWING |
28.039 |
14.274 |
13.751 |
|
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DEFERRED TAX LIABILITIES |
0.366 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
34.836 |
18.734 |
17.183 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
18.541 |
6.955 |
5.576 |
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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 |
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DEFERRED TAX ASSETS |
0.000 |
0.111 |
0.131 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.754
|
20.541 |
14.190 |
|
|
Sundry Debtors |
4.768
|
7.533 |
1.412 |
|
|
Cash & Bank Balances |
0.223
|
0.270 |
0.047 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.133
|
2.392 |
0.919 |
|
Total
Current Assets |
26.878
|
30.736 |
16.568 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.018
|
15.218 |
3.845 |
|
|
Other Current Liabilities |
2.170
|
2.745 |
0.971 |
|
|
Provisions |
0.395
|
1.119 |
0.300 |
|
Total
Current Liabilities |
10.583
|
19.082 |
5.116 |
|
|
Net Current Assets |
16.295
|
11.654 |
11.452 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.011 |
0.024 |
|
|
|
|
|
|
|
|
TOTAL |
34.836 |
18.734 |
17.183 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
63.880 |
47.961 |
40.204 |
|
|
|
Other Income |
0.882 |
0.675 |
0.813 |
|
|
|
TOTAL |
64.762 |
48.636 |
41.017 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
60.090 |
45.733 |
38.989 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.672 |
2.903 |
2.028 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.404 |
1.221 |
1.297 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.268 |
1.682 |
0.731 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.902 |
0.534 |
0.324 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1.366 |
1.148 |
0.407 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
6.386 |
2.660 |
1.549 |
|
|
TOTAL EARNINGS |
6.386 |
2.660 |
1.549 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
4.209 |
0.866 |
2.999 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.04 |
3.82 |
1.81 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
82.000 |
|
|
|
|
|
Expected Sales (2012-2013): Rs. 110.000 Millions
The above information has been parted by Mr. Amit Prajapati (Account
Executive)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.11
|
2.36 |
0.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.55
|
3.51 |
1.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.99
|
4.46 |
3.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.38 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.01
|
7.48 |
5.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.54
|
1.61 |
3.24 |
SUNDRY CREDITORS
(Rs. in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors (Sundry Creditors include due to Directors
Rs. 0.071 Million Previous Year Rs. 0.057 Million) |
8.018 |
15.218 |
3.845 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constitution of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoters background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
-- |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
-- |
|
26. Buyer visit details |
-- |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
OPERATIONS:
During the year,
the Company achieved net sales of Rs. 63.880 Millions (P.Y. Rs. 47.961
Millions) and earned profit of Rs. 1.366 Millions (P.Y. Rs. 1.148 Millions) after
providing Depreciation of Rs. 2.404 Millions (P.Y. Rs. 1.221 Millions) and
Provision for Deferred Tax of Rs. 0.481 Million (P.Y. Rs. 0.017 Million),
Provision for Income tax of Rs. 0.421 Million (P.Y. Rs. 0.518 Million).
CONTINGENT LIABILITIES (AS ON 31.03.2011)
Outstanding Bank Guarantee as on 31.03.2011
Rs. 0.575 Million
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29120GJ2006PTC049331 |
|
Name of the
company |
PRESSUREJET
SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
62/13, Phase - I,
G.I.D.C., Vatva, Ahmedabad - 382445, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
CIN No.:
L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel
(West), Mumbai 400013, Email ID: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum
Recording Past Transactions of Creation of Mortgage by Deposit of Title
Deeds. |
|
Date of
instrument Creating the charge |
05.01.2012 |
|
Amount secured by
the charge |
Rs. 27.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of Repayment on demand Margin As may be
stipulated by the Bank from time to time. Extent and Operation of the charge The Company
created an equitable mortgage by way of deposit of title deeds in respect of
its immovable properties as security for the due repayment of Rs. 27.000
Millions by the Company including principal amount of the Facility, interest,
liquidated damages, costs, charges and expenses etc. Others NIL. |
|
Short particulars
of the property charged |
Plot No. 62/13
admeasuring 634.37 Sq. Mtrs in Vatva Industrial Estate of R.S. No. 949/P of
Mouje Vatva Sub District Ahmedabad - 5 (Naro) and District Ahmedabad. |
FIXED ASSETS
v
v
v
Plant and Machinery
v
Lift
v
Crane
v
Computer
v
Furniture
v
Laboratory Equipments
v
Office Equipments
v
Patterns
v
Electric Fittings
v
Storage Racks and Bins
v
Vehicles
v
Testing and Workshop Equipments
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 Intl
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 companys 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. 55.36 |
|
|
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
This score serves as a reference to assess SCs 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.