|
Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN VALVE PRIVATE LIMITED |
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Registered
Office : |
Plot No. 53, Satpur, Nashik – 422007, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.08.1970 |
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Com. Reg. No.: |
11- 014737 |
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Capital
Investment / Paid-up Capital : |
Rs.1.800 Millions |
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|
|
CIN No.: [Company Identification
No.] |
U29100MH1970PTC014737 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKI00005F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Valve For Process Water Steam and Other Fluids. |
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No. of Employees
: |
120 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 313000 |
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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 old and a well established company having satisfactory
track. The company having satisfactory track records. The company is
progressing well. 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 PARTED BY
|
Name : |
Mr. Samik |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-253-2350261 |
|
Date : |
26.03.2012 |
LOCATIONS
|
Registered Office : |
Plot No. 53, Satpur, Nashik – 422007, |
|
Tel. No.: |
91-253-2350261 |
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Fax No.: |
91-253-2351673 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
Branches : |
704/A, Hemkunt Chambers, Tel No.: 91-11- 26231019 Fax No.: 91-11- 26424240 E-Mail : sales.delhi@Ivc-valves.com MUMBAI Tel No.: 91-22-26662933 E-Mail : sales.mumbai@ivc-valves.com KOLKATA Tel No.: 91-33-
25438631
PUNE Tel No.: 91-20-26990183 E-Mail : sales.pune@ivc-valves.com
AHMEDABAD Tel No.: 91-98795-22753 E-Mail : sales.ahmedabad@ivc-valves.com
IVI, NASHIK Tel No.: 91-253-
2355002 |
DIRECTORS
As on 24.09.2011
|
Name : |
Mr. Tarun Mukharjee |
|
Designation : |
Director |
|
Address : |
Granthi Serene Meadons Anandvalli, Nashik – 422013, |
|
Date of Birth/Age : |
16.02.1952 |
|
Date of Appointment : |
29.12.2000 |
|
DIN No.: |
00203321 |
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|
|
|
Name : |
Mr. Gautam Nag |
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Designation : |
Director |
|
Address : |
Shree Nidhi Plot No.3, Palm Spring Gangapur, Nashik – 422013, |
|
Date of Birth/Age : |
19.05.1956 |
|
Date of Appointment : |
01.01.2005 |
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DIN No.: |
00203130 |
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|
|
|
Name : |
Ms. Debika Bhattacharyya |
|
Designation : |
Director |
|
Address : |
White House, 16 Ramdas Plot, Nashik – 422005, |
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Date of Birth/Age : |
14.06.1939 |
|
Date of Appointment : |
29.12.2000 |
|
DIN No.: |
00203223 |
KEY EXECUTIVES
|
Name : |
Mr. Samik |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Apurba Kanti Mukharjee |
|
6305 |
|
Yashomati Mukharjee |
|
8835 |
|
Tarun Mukharjee |
|
930 |
|
Rupali Bhattacharyya |
|
1800 |
|
Mahuya Sengupta |
|
130 |
|
TOTAL |
|
18000 |
Equity Share Break up (Percentage of Total Equity)
As on 24.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.00 |
|
Other top fifty shareholders |
1.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Valve For Process Water Steam and Other Fluids. |
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Products: |
Water Control Valve |
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Exports : |
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Products : |
Valve For Process Water Steam and Other Fluids. |
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Countries : |
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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 : |
Cash and Credit (30-60 Days) |
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Purchasing : |
Cash and Credit (30-60 Days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
120 (Approximately) |
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Bankers : |
Bank of |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
S R Rahalkar and Associates Chartered Accountant |
|
Address : |
667, |
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PAN.: |
AAOFC9465K |
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Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000 |
Equity Shares |
Rs.10/- each |
Rs.1.800
Millions |
|
|
|
|
|
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 |
|
|
|
|
|
1] Share Capital |
1.800 |
1.800 |
1.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
76.328 |
52.355 |
36.071 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
78.128 |
54.155 |
37.871 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27.495 |
22.475 |
24.767 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
27.495 |
22.475 |
24.767 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
105.623 |
76.630 |
62.638 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
30.416 |
30.863 |
12.686 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
11.032 |
5.803 |
5.802 |
|
|
DEFERREX TAX ASSETS |
1.636 |
1.359 |
1.829 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
50.049
|
41.937 |
29.807
|
|
|
Sundry Debtors |
53.195
|
40.830 |
55.739
|
|
|
Cash & Bank Balances |
17.394
|
4.920 |
6.472
|
|
|
Other Current Assets |
1.010
|
0.738 |
0.334
|
|
|
Loans & Advances |
37.599
|
23.555 |
16.272
|
|
Total
Current Assets |
159.247
|
111.980 |
108.624 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
48.381 |
45.927 |
45.345
|
|
|
Other Current Liabilities |
14.723
|
7.286 |
9.287
|
|
|
Provisions |
33.604
|
20.162 |
11.671
|
|
Total
Current Liabilities |
96.708
|
73.375 |
66.303 |
|
|
Net Current Assets |
62.539
|
38.605 |
42.321 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
105.623 |
76.630 |
62.638 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
220.870 |
158.214 |
155.970 |
|
|
|
Other Income |
2.990 |
4.520 |
1.530 |
|
|
|
TOTAL (A) |
223.860 |
162.734 |
157.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
177.840 |
131.274 |
134.220 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
177.840 |
131.274 |
134.220 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
46.020 |
31.460 |
23.280 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.730 |
0.660 |
2.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44.290 |
30.800 |
20.870 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.050 |
2.750 |
2.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
39.240 |
28.050 |
18.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.170 |
9.660 |
5.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
26.070 |
18.390 |
12.720 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
1.800 |
1.800 |
0.900 |
|
|
|
Other Appropriations |
0.290 |
0.300 |
1.500 |
|
|
|
|
|
|
|
|
|
Retained Profit/ Erosion of Fund |
23.980 |
16.290 |
11.670 |
|
|
|
|
|
|
|
|
|
|
Shareholders Fund |
78.130 |
54.150 |
37.870 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1433.00 |
-- |
-- |
|
Expected Sales (2011-2012) : Rs.220.000 Millions
The above information has been parted by Mr. Samik – Account Executive
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
11.65
|
11.30 |
8.07
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.77
|
17.73 |
11.98
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.69
|
19.64 |
15.41
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.52 |
0.49
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.59
|
1.77 |
2.40
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.53 |
1.63
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars |
Rs. In Millions 31.03.2011 |
Rs. In Millions 31.03.2010 |
Rs. In Millions
31.03.2009 |
|
Sundry Creditors
for Goods |
|
|
|
|
Outstanding to micro, Small and Medium Industries |
0.000 |
0.000 |
0.000
|
|
Other than micro, Small and Medium Industries |
44.810 |
43.366 |
43.676
|
|
Sundry Creditors for Expenses |
3.571 |
2.561 |
1.669
|
|
TOTAL |
48.381 |
45.927 |
45.345
|
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
-- |
|
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 |
No |
|
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 |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
FORM 8
|
Corporate
identity number of the company |
U29100MH1970PTC014737 |
|
Name of the
company |
INDIAN VALVE
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No 53 Industrialestate Satpur, Nashik –
422007, Email: accounts@ivc-valves.com |
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
10070132 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Email: Nasik.Pune@bankofindia.co.in |
|
Nature of
instrument creating charge |
Supplemental deed
of hypothecation executed on 30.07.2010 to cover the enhanced Bank Guarantee limit
from 25.000 millions to 30.000 millions. However there is no changes in total
amount secured by charge created vide Oral Assent(Equitable Mortgage) dated
28.05.2010 covering entire limit of Rs.69.611 millions. |
|
Date of
instrument Creating the charge |
30.07.2010 |
|
Amount secured by
the charge |
Rs.69.611
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit A/c -
10.75% p.a. Term Loan A/c 1
(Old) - 10.75% p.a. Term Loan A/c 2
(New)- 10.75% p.a. Bank Guarantee
facility - N.A. , Letter of Credit facility - N.A. Terms of
Repayment Cash Credit A/c -
On Demand Term Loan A/c 1
(Old) - By 55 EMI of Rs.0.088 millions commenced from August ,2007 Term Loan
A/c 2 (New) - By 60 EMI of Rs.0.243 millions each commencing from the next
month of full disbursement or 6 months from the initial disbursement
whichever is earlier. Letter of Credit
- On Demand Bank Guarantee -
On Demand Margin Cash Credit A/c -
25% against against Stock & 30% against Book Debts Term Loan A/c
1(Old) - 25% Term Loan A/c 2
(New) -25% Letter of Credit
- 15% Bank Guarantee -
15% Extent and
Operation of the charge Mortgage by
deposit of title deeds of the
Company's immovable property comprising of factory, land and building and other structures situated at a) Plot No. 53,
MIDC, Satpur, Nashik. b) Plot No. 12
and 13, 'Shreeviajay' Out of Survey No. 35/5/1 situated at Anandavalli
Shiwar, c) Flat C/1101 situated
on 11th Floor of Building "C" known as " Others The Details of
aggregate Fund Based and Non Fund Based facilities of Rs.69.611 millions I) Fund Based a) Cash Credit
A/c - Rs.20.000 millions b) Term Loan A/c
-I (Old) - Rs.2.011 millions c) Term Loan A/c
-II (New) - Rs.14.600 millions II) Non - Fund
Based a) Bank Guarantee
facility - Rs.30.000 millions b) Letter of
Credit facility -Rs.3.000 millions Total of
Rs.69.611 millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All Tangible
movable properties of the Company including Stock in trade lying at 53, MIDC,
Satpur, Nashik including present and future machineries. All Books Debts
(120 Days) outstanding, money claims and bills receivable. Deposit of title
deeds of the Company's immovable properties comprising of factory land and building
and other structure situated at Plot No. 53 MIDC, Satpur, Nashik Mortgage of
Company's Guest House Building namely Shreevijay situated at Plot No. 12 and
13, Survey No. 35/5/1 Pipeline Road, Anandvalli Shiwar, Mortgage of Flat
No. 1101 ( as per sanction plan 1101 + 1101A), 11th Floor, Building C, Survey
No. 226A/2/2/2, Hadapsar, Pune |
|
Date of
instrument modifying the charge |
28.05.2010 |
|
Particulars of
the present modification |
Supplemental deed
of hypothecation executed on 30.07.2010 to cover enhanced bank guarantee
limit of Rs.5.000 millions being part
of secured aggregate sanctioned Limit of Rs.69.611 millions. |
CONTINGENT
LIABILITIES
Liabilities which are material and whose outcome can not be ascertained with reasonable certainty are treated as Contingent and disclosed by way of the following:
a) Counter
Guarantee given by the Company to Bank of India, Nashik (
b) Claim against the Company not acknowledged as Debts Rs.1.822 Millions (previous year Rs.2.031 Million).
FIXED ASSETS
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.51.31 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.67.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.